secwatch.observer — SEC 8-K summary
======================================

Issuer:     Beachbody Company, Inc. (BODI)
CIK:        0001826889
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001193125-23-194684
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Beachbody amends credit facility; covenants lowered, maturity shortened, $15M prepaid
--------------------------------------------------------------------------------

- Minimum revenue covenant set at $100M/qtr through Mar 2024, then $120M; liquidity floor $20M then $25M.
- Maturity shortened from Aug 2026 to Feb 2026; $15M prepayment with $0.75M premium on July 24, 2023.
- Warrants to lenders amended: exercise price reduced from $1.85 to $0.41 per share, increasing dilution.
- Outstanding term loan after amendment ~$34.2M; PIK fee of 1% added to principal.
- Covenant amendments and maturity pull-forward signal financial strain and tighter lender controls.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826889/000119312523194684/0001193125-23-194684-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826889/000119312523194684/d480902d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-194684

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer