---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-040654"
form_type: "8-K"
ticker: null
cik: "0001735948"
company_name: "Greenbrook TMS Inc."
filed_at: "2024-03-29T23:59:59+00:00"
generated_at: "2026-06-04T05:27:10.002163+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Greenbrook TMS borrows $2.6M under amended credit agreement; reduced liquidity covenant extended

## Summary
- Borrowed $2,614,213 in senior secured term loans from Madryn; aggregate principal now ~$94M.
- Interest rate is 9.0% + 3-month SOFR (1.5% floor) + 0.10%; interest-only for 4 years.
- Minimum liquidity covenant reduced from $3M to $300k extended to April 30, 2024.
- Waived requirement to deliver audited FY2023 financials without going concern qualification.
- Company announced delisting from Nasdaq; now trades on OTCQB under symbol GBNHF.

## SEC filing metadata
- accession: 0001104659-24-040654
- form_type: 8-K
- cik: 0001735948
- company_name: Greenbrook TMS Inc.
- filed_at: 2024-03-29T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1735948/000110465924040654/0001104659-24-040654-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735948/000110465924040654/tm2410138d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-040654
- JSON: https://secwatch.observer/filing/0001104659-24-040654.json
- Plain text: https://secwatch.observer/filing/0001104659-24-040654.txt

## Key facts
- Debt Financings
  Greenbrook TMS Inc. incurred term loan of US$2,614,213 with Madryn Fund Administration, LLC (as administrative agent) and the lenders party thereto at 9.0% plus 3-month term SOFR (floor 1.5%) plus 0.10% per annum maturing 63 months, interest-only for 4 years, principal due in five equal quarterly installments beginning September 30, 2026.
  - Instrument: term loan
  - Principal: US$2,614,213
  - Counterparty: Madryn Fund Administration, LLC (as administrative agent) and the lenders party thereto
  - Rate: 9.0% plus 3-month term SOFR (floor 1.5%) plus 0.10% per annum
  - Maturity: 63 months, interest-only for 4 years, principal due in five equal quarterly installments beginning September 30, 2026
  - Event: incurrence
  source text: Pursuant to the Amendment, the Company borrowed US$2,614,213 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. After giving effect to the Amendment and the borrowing of the New Loan, the aggregate principal amount outstanding under the Credit Agreement is approximately US$94 million (collectively, the “ Loans ”). The Loans accrue interest at a rate per annum equal to 9.0% plus the 3-month term Secured Overnight Financing Rate (subject to a floor of 1.5%) plus 0.10%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735948/000110465924040654/0001104659-24-040654-index.htm
- Material Agreements
  Greenbrook TMS Inc. entered into Twenty-Eighth Amendment with Madryn Fund Administration, LLC valued at US$2,614,213 (effective 2024-03-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Madryn Fund Administration, LLC
  - Value: US$2,614,213
  - Effective: 2024-03-28
  source text: On March 28, 2024, the Company entered into the twenty-eighth amendment (the “ Amendment ”) to the Company’s credit agreement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735948/000110465924040654/0001104659-24-040654-index.htm

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