---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-056445"
form_type: "8-K"
ticker: null
cik: "0001735948"
company_name: "Greenbrook TMS Inc."
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-03T00:42:18.570391+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Greenbrook TMS borrows $2.8M under amended credit agreement, extends reduced liquidity covenant

## Summary
- Entered 31st amendment to credit agreement borrowing US$2,802,030 in senior secured term loans for general corporate purposes.
- Aggregate principal outstanding now ~US$99M; loans accrue at 9% + 3-month SOFR (floor 1.5%) + 0.10%.
- Minimum liquidity covenant reduced from $3M to $300k extended to May 30, 2024.
- Loans mature over 63 months with 4 years interest-only; principal due in 5 equal quarterly installments starting Sept 30, 2026.
- Affiliates of Madryn (lender and administrative agent) hold 61.7% of common shares upon full conversion of convertible instruments.

## SEC filing metadata
- accession: 0001104659-24-056445
- form_type: 8-K
- cik: 0001735948
- company_name: Greenbrook TMS Inc.
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- 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/1735948/000110465924056445/0001104659-24-056445-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1735948/000110465924056445/tm2413296d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-056445
- JSON: https://secwatch.observer/filing/0001104659-24-056445.json
- Plain text: https://secwatch.observer/filing/0001104659-24-056445.txt

## Key facts
- Debt Financings
  Greenbrook TMS Inc. incurred term loan of US$2,802,030 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 principal payments starting September 30, 2026.
  - Instrument: term loan
  - Principal: US$2,802,030
  - 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 principal payments starting September 30, 2026
  - Event: incurrence
  source text: Pursuant to the Amendment, the Company borrowed US$2,802,030 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. The Amendment also extends the period during which the Company’s minimum liquidity covenant is reduced from US$3,000,000 to US$300,000 to May 30, 2024. 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$99 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%. The Loans mature 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 September 30, 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1735948/000110465924056445/0001104659-24-056445-index.htm
- Material Agreements
  Greenbrook TMS Inc. amended Amendment with Madryn Fund Administration, LLC valued at US$2,802,030 (effective 2024-05-01).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Madryn Fund Administration, LLC
  - Value: US$2,802,030
  - Effective: 2024-05-01
  source text: On May 1, 2024, the Company entered into the thirty-first 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/1735948/000110465924056445/0001104659-24-056445-index.htm

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