Greenbrook TMS borrows $1.78M in additional senior secured debt amid Nasdaq delisting

Greenbrook TMS Inc.

Borrowed $1,776,650 in new senior secured term loans on March 1, 2024 under 26th credit agreement amendment.
Aggregate principal outstanding under the credit agreement now ~$89M; loans mature over 63 months with 4 years interest-only.
Interest rate: 9% + 3-month SOFR (floor 1.5%) + 0.10%; proceeds for general corporate and working capital purposes.
Covenants require minimum liquidity: $300K until March 15, 2024, then $3.0M thereafter, tested daily.
Madryn affiliates (largest shareholder at 45% upon conversion) serve as administrative agent and lenders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Greenbrook TMS Inc. amended twenty-sixth amendment with Madryn Fund Administration, LLC valued at US$1,776,650 (effective 2024-03-01).

Action: amendment
Agreement: credit facility
Counterparty: Madryn Fund Administration, LLC
Value: US$1,776,650
Effective: 2024-03-01

Exact text from the filing

the twenty-sixth 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$1,776,650 in senior secured term loans (the " New Loan ")

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Source: SEC EDGAR

accession 0001104659-24-030032

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