secwatch.observer — SEC 8-K summary
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Issuer:     F45 Training Holdings Inc. (—)
CIK:        0001788717
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001193125-23-262276
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 5.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

F45 secures $40M incremental term loans at 12% PIK; three directors resign
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- Received $40M incremental term loans and $10M delayed draw facility at 12% PIK interest, maturing Aug 2028.
- Q1 and Q2 2023 financial statement delivery deadline extended to Nov 8, 2023 under both credit agreements.
- Repaid $5M term loans under JPMorgan credit agreement; minimum liquidity covenant set at $10M (floor $7.5M).
- Directors Lisa Gavales, Steven Scheiwe, and Raphael Wallander resigned effective after funding of incremental loans.
- Kennedy Lewis letter agreement governs board changes and timeline to hire CFO.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1788717/000119312523262276/0001193125-23-262276-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1788717/000119312523262276/d510107d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-262276

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