Greenbrook Tms (GBNHF) has provided an update.
The Company recently amended its credit agreement, securing an additional $2,030,457 in senior secured term loans intended for general and working capital purposes. This amendment brings the total outstanding loan amount to roughly $96 million, with interest rates set at 9% over the Secured Overnight Financing Rate and a 1.5% floor. The loans, maturing over 63 months, offer a four-year interest-only payment period followed by five equal quarterly payments starting September 30, 2026. The Company has pledged all its assets as collateral and must adhere to multiple covenants and financial tests, including revenue targets and maintaining minimum liquidity levels. Furthermore, a waiver has been granted, extending the deadline for delivering audited financial statements until April 26, 2024.
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