Beachbody amends covenants of term loan via Blue Torch

By Wendy Van Sickle

Columbus, Ohio, April 8 – Beachbody Co. amended some financial covenants and other terms of its original $50 million term loan with Blue Torch Capital, which now has a balance of $25.5 million, according to a news release.

As part of the amendment, Beachbody paid down $4 million in debt, and the minimum liquidity covenant will be reduced by the same amount, to $18 million from $22 million.

“To more effectively synchronize our loan agreement with our profitability and free cash flow targets, we concluded that it was more strategically aligned with our priorities to adjust the conditions of our revenue covenant with Blue Torch Capital. The modified terms decrease the quarterly revenue floor to $100 million per quarter until Dec. 31, 2024, and then to $110 million per quarter for the subsequent periods,” said Carl Daikeler, the company’s co-founder and chief executive officer, in the release.

Based in El Segundo, Calif., the company combines digital fitness, nutrition and mindset content.

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