secwatch.observer — SEC 8-K summary
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Issuer:     Greenbrook TMS Inc. (—)
CIK:        0001735948
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0001104659-24-024596
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1735948/000110465924024596/0001104659-24-024596-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1735948/000110465924024596/tm246459d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-024596

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