The Beachbody Company, Inc. Announces Amendments to Its Term Loan
April 09, 2024 at 01:35 am IST
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The Beachbody Company, Inc. announced that it has amended certain financial covenants (and other terms) of its original $50 million term loan with Blue Torch Capital. The loan balance as of this date has been reduced to $25.5 million. As part of the amendment, BODi is paying down $4 million in debt, reducing the outstanding balance to $25.5 million.
The minimum liquidity covenant will be reduced by the same amount, from $22 million to $18 million.
The Beachbody Company, Inc. is a subscription health and wellness company. The Company's products include digital subscriptions, nutritional products and connected fitness products. Its digital subscriptions include BOD and a live interactive premium subscription, BODi. The Company's digital platforms provide a one-stop-shop for all types of fitness and nutrition content, with brands such as P90X, Insanity, 21 Day Fix, 80 Day Obsession, LIIFT4, Unstress Meditations, Portion Fix, 4 Weeks of Focus, Sure Thing, and others. The Company's nutrition-first programs, Portion Fix and 2B Mindset, teach healthy eating habits and promote healthy, sustainable weight loss. Its offerings deliver both fitness and nutritional content, and personal development mindset content. Its nutritional products include Shakeology, Beachbody Performance supplements, BEACHBARs and Bevvy supplements and others. Its digital subscription offerings are complemented by its connected fitness products acquired from Myx.