Greenbrook Tms (GBNH) has released an update.
Greenbrook TMS Inc. has amended its credit agreement, securing an additional US$2.538 million in senior secured term loans for corporate and working capital needs, with the total debt now around US$87 million. The loans carry a 9% interest rate over the 3-month Secured Overnight Financing Rate, with a 1.5% floor, maturing over 63 months, and are backed by the company’s assets. The company must meet several financial covenants, including revenue targets and maintaining minimum liquidity, with affiliates of Madryn, the administrative agent, being the largest shareholders.
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