---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-012998"
form_type: "8-K"
ticker: null
cik: "0001735948"
company_name: "Greenbrook TMS Inc."
filed_at: "2024-02-09T23:59:59+00:00"
generated_at: "2026-06-06T04:55:13.822275+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Greenbrook TMS borrows $1.52M in additional senior secured debt from Madryn; total ~$85M

## Summary
- Borrowed $1,522,843 under 24th amendment to credit facility with Madryn; total outstanding ~$85M.
- Loan priced at 9% + 3-month SOFR (floor 1.5%) + 0.10%, 63-month maturity, 4 years interest-only.
- Covenants: revenue test and daily minimum liquidity of $300K until Feb 15, then $3M.
- Madryn affiliates hold ~45% of common shares upon conversion; transaction exempt from minority approval.
- Company considering additional near-term financing options to address future liquidity needs.

## SEC filing metadata
- accession: 0001104659-24-012998
- form_type: 8-K
- cik: 0001735948
- company_name: Greenbrook TMS Inc.
- filed_at: 2024-02-09T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1735948/000110465924012998/0001104659-24-012998-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735948/000110465924012998/tm245797d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-012998
- JSON: https://secwatch.observer/filing/0001104659-24-012998.json
- Plain text: https://secwatch.observer/filing/0001104659-24-012998.txt

## Key facts
- Debt Financings
  Greenbrook TMS Inc. incurred credit facility of US$1,522,843 with Madryn Fund Administration, LLC at 9.0% plus the 3-month term Secured Overnight Financing Rate (subject to a floor maturing 63 months with four years of interest-only payments; outstanding principal due in five equal quarterly installments beginning September 30, 2026.
  - Instrument: credit facility
  - Principal: US$1,522,843
  - Counterparty: Madryn Fund Administration, LLC
  - Rate: 9.0% plus the 3-month term Secured Overnight Financing Rate (subject to a floor
  - Maturity: 63 months with four years of interest-only payments; outstanding principal due in five equal quarterly installments beginning September 30, 2026
  - Event: incurrence
  source text: On February 5, 2024, Greenbrook TMS Inc. (the “ Company ”) entered into the twenty-fourth amendment (the “ Amendment ”) to the Company’s credit agreement, dated as of July 14, 2022 (as previously amended and as amended by the Amendment, the “ Credit Agreement ”), by and among the Company, certain of its subsidiaries party thereto as guarantors, Madryn Fund Administration, LLC, as administrative agent (“ Madryn ”) and the lenders party thereto. Pursuant to the Amendment, the Company borrowed US$1,522,843 in senior secured term loans (the “ New Loan ”), the proceeds of which are expected to be used by the Company for general corporate and working capital purposes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735948/000110465924012998/0001104659-24-012998-index.htm
- Material Agreements
  Greenbrook TMS Inc. amended Amendment with Madryn Fund Administration, LLC valued at US$1,522,843 (effective 2024-02-05).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Madryn Fund Administration, LLC
  - Value: US$1,522,843
  - Effective: 2024-02-05
  source text: On February 5, 2024, Greenbrook TMS Inc. (the “ Company ”) entered into the twenty-fourth amendment (the “ Amendment ”) to the Company’s credit agreement, dated as of July 14, 2022 (as previously amended and as amended by the Amendment, the “ Credit Agreement ”), by and among the Company, certain of its subsidiaries party thereto as guarantors, Madryn Fund Administration, LLC, as administrative agent (“ Madryn ”) and the lenders party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735948/000110465924012998/0001104659-24-012998-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.