Neuronetics, Inc. (STIM): debt financing — Neuronetics amends SLR credit facility to $60M, extends maturity to 2028; provides $6M note to Greenbrook

Neuronetics, Inc.

Borrowed $2.5M under Term B; total facility up to $60M ($35M Term A drawn earlier). Maturity extended to March 29, 2028 from Feb 2025.
Interest rate: greater of 3.95% or Daily Simple SOFR + 5.65%; interest-only until March 1, 2026.
Final payment fee of 4.95% of funded principal; prepayment fees of 3%/2%/1% based on timing.
Issued $6M secured promissory note to Greenbrook converting ~$5.9M accounts payable; matures March 31, 2027 at SOFR + 7.65%.
Security interest in Greenbrook's assets pari passu with senior lender; warrants at 20% discount upon default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Neuronetics, Inc. amended credit facility with SLR Investment Corp. at greater of (a) 3.95% or (b) Daily Simple SOFR for a term of one month, plus 5.65 maturing March 29, 2028.

Instrument: credit facility
Counterparty: SLR Investment Corp.
Rate: greater of (a) 3.95% or (b) Daily Simple SOFR for a term of one month, plus 5.65
Maturity: March 29, 2028
Event: amendment

Exact text from the filing

On March 29, 2023, Neuronetics, Inc. (the “Company”) entered into that certain Fourth Amendment to Loan and Security Agreement (the “Amendment”) with SLR Investment Corp. (formerly known as Solar Capital Ltd.) (“Solar"), as collateral agent, and the lenders listed on the signature pages thereto (the “Lenders”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Neuronetics, Inc. incurred loan of $6,000,000 with TMS Neurohealth Centers Inc. at Daily Simple SOFR plus 7.65% per annum maturing March 31, 2027.

Instrument: loan
Principal: $6,000,000
Counterparty: TMS Neurohealth Centers Inc.
Rate: Daily Simple SOFR plus 7.65% per annum
Maturity: March 31, 2027
Event: incurrence

Exact text from the filing

On March 31, 2023, the Company entered into a Secured Promissory Note and Guaranty Agreement (the “Promissory Note”) with TMS Neurohealth Centers Inc. (the “Maker”) and Greenbrook TMS Inc. and its subsidiaries, excluding the Maker (the “Guarantors"), in the principal amount of $6,000,000.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Neuronetics, Inc. incurred term loan of $2.5 million with SLR Investment Corp. at greater of (a) 3.95% or (b) Daily Simple SOFR for a term of one month, plus 5.65 maturing March 29, 2028.

Instrument: term loan
Principal: $2.5 million
Counterparty: SLR Investment Corp.
Rate: greater of (a) 3.95% or (b) Daily Simple SOFR for a term of one month, plus 5.65
Maturity: March 29, 2028
Event: incurrence

Exact text from the filing

On March 29, 2023, the Company borrowed an aggregate amount of $2.5 million under the Term B Loan portion of the Solar Facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Neuronetics, Inc. entered into Secured Promissory Note and Guaranty Agreement with TMS Neurohealth Centers Inc. valued at $6,000,000 (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: TMS Neurohealth Centers Inc.
Value: $6,000,000
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, the Company entered into a Secured Promissory Note and Guaranty Agreement (the “Promissory Note”) with TMS Neurohealth Centers Inc. (the “Maker”) and Greenbrook TMS Inc. and its subsidiaries, excluding the Maker (the “Guarantors”), in the principal amount of $6,000,000.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Neuronetics, Inc. amended Fourth Amendment to Loan and Security Agreement with SLR Investment Corp. valued at $60.0 million (effective 2023-03-29).

Action: amendment
Agreement: credit facility
Counterparty: SLR Investment Corp.
Value: $60.0 million
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, Neuronetics, Inc. (the “Company”) entered into that certain Fourth Amendment to Loan and Security Agreement (the “Amendment”) with SLR Investment Corp. (formerly known as Solar Capital Ltd.) (“Solar”), as collateral agent, and the lenders listed on the signature pages thereto (the “Lenders”).

View on SEC.gov

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Neuronetics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-090435

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