---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-024596"
form_type: "8-K"
ticker: null
cik: "0001735948"
company_name: "Greenbrook TMS Inc."
filed_at: "2024-02-15T23:59:59+00:00"
generated_at: "2026-06-06T01:21:19.411529+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Greenbrook TMS raises $2.5M in additional senior secured debt, extends reduced liquidity covenant to March 15, 2024

## Summary
- Borrowed $2,538,071 in senior secured term loans from Madryn; total outstanding ~$87 million.
- Proceeds for general corporate and working capital; company considering additional near-term financing.
- Minimum liquidity covenant reduced from $3M to $300K, extended to March 15, 2024.
- Loans accrue at 9% + 3-month SOFR (floor 1.5%) + 0.10%, interest-only for 4 years, maturity 63 months.
- Madryn affiliates own 45% of common shares on full conversion; transaction is a related-party deal.

## SEC filing metadata
- accession: 0001104659-24-024596
- form_type: 8-K
- cik: 0001735948
- company_name: Greenbrook TMS Inc.
- filed_at: 2024-02-15T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1735948/000110465924024596/0001104659-24-024596-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735948/000110465924024596/tm246459d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-024596
- JSON: https://secwatch.observer/filing/0001104659-24-024596.json
- Plain text: https://secwatch.observer/filing/0001104659-24-024596.txt

## Key facts
- Debt Financings
  Greenbrook TMS Inc. incurred term loan of US$2,538,071 in senior secured term loans with Madryn Fund Administration, LLC at 9.0% plus the 3-month term Secured Overnight Financing Rate (subject to a floor maturing over 63 months and provide for four years of interest-only payments. The outstanding principal balance is due in five equal quarterly installments beginning on.
  - Instrument: term loan
  - Principal: US$2,538,071 in senior secured term loans
  - Counterparty: Madryn Fund Administration, LLC
  - Rate: 9.0% plus the 3-month term Secured Overnight Financing Rate (subject to a floor
  - Maturity: over 63 months and provide for four years of interest-only payments. The outstanding principal balance is due in five equal quarterly installments beginning on
  - Event: incurrence
  source text: On February 15, 2024, Greenbrook TMS Inc. (the “ Company ”) entered into the twenty-fifth 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$2,538,071 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/1735948/000110465924024596/0001104659-24-024596-index.htm
- Material Agreements
  Greenbrook TMS Inc. amended Credit Agreement with Madryn Fund Administration, LLC valued at US$2,538,071 (effective 2024-02-15).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Madryn Fund Administration, LLC
  - Value: US$2,538,071
  - Effective: 2024-02-15
  source text: On February 15, 2024, Greenbrook TMS Inc. (the “ Company ”) entered into the twenty-fifth 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$2,538,071 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/1735948/000110465924024596/0001104659-24-024596-index.htm

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