top of page
Search

Greenbrook TMS, provider of Transcranial Magnetic Stimulation therapy and Spravato nasal spray for the treatment of depressive disorder, obtains $1.5 million of debt

Operating through 130 Company-operated treatment centers, Greenbrook is a leading provider of Transcranial Magnetic Stimulation ("TMS") therapy and Spravato® (esketamine nasal spray), FDA-cleared, non-invasive therapies for the treatment of Major Depressive Disorder ("MDD") and other mental health disorders, in the United States.




Greenbrook TMS Inc. (NASDAQ: GBNH) ("Greenbrook" or the "Company") today announced that it has entered into the twenty-third amendment (the "Amendment") to the Company's credit facility (the "Credit Facility") with affiliates of Madryn Asset Management, LP ("Madryn"). As part of the Amendment, the Company secured an additional US$1,522,843 in senior secured term loans from Madryn under the Credit Facility (the "New Loan"). After giving effect to the New Loan, the Company has an aggregate amount of approximately US$83 million outstanding under the Credit Facility (collectively, the "Loans").'


The proceeds of the New Loan are expected to be used by the Company for general corporate and working capital purposes. The Company is also currently considering additional near-term financing options to address its future liquidity needs.

The Company also announces that Madryn has agreed to extend the period during which the Company's minimum liquidity covenant under the Credit Facility is reduced from US$3,000,000 to US$300,000 to February 15, 2024.


MI 61-101 Disclosure

Madryn is an insider of the Company. Accordingly, the foregoing transactions are considered "related party transactions" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The foregoing transactions were reviewed and unanimously approved by the independent members of the board of directors of the Company. The New Loan, which is not convertible into securities of Greenbrook, is exempt from the minority approval requirements under section 5.7(1)(f) of MI 61-101 because the New Loan is on reasonable commercial terms that are not less advantageous to the Company than alternative financings that may have been available at the time that terms were agreed with Madryn. Furthermore, a formal valuation is not required under MI 61-101 as the foregoing transactions are not the type of related party transaction that requires a formal valuation.


About Greenbrook TMS Inc.

Operating through 130 Company-operated treatment centers, Greenbrook is a leading provider of Transcranial Magnetic Stimulation ("TMS") therapy and Spravato® (esketamine nasal spray), FDA-cleared, non-invasive therapies for the treatment of Major Depressive Disorder ("MDD") and other mental health disorders, in the United States. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation. Spravato® is offered to treat adults with treatment-resistant depression and depressive symptoms in adults with MDD with suicidal thoughts or actions. Greenbrook has provided more than 1.3 million treatments to over 40,000 patients struggling with depression.


Source: Greenbrook TMS


--------------------------------------------------------------------------------------------

What are your company's business or financial objectives?







If your company has business or financial objectives, check out the advisory services for growing global medical, pharma, healthcare, healthcare and medical device companies provided by FC Global Strategies.


Our calendar link to schedule a complementary call.


FC Global Strategies' Regional Directors:


Jeffrey Friedland - Based in the U.S.

(North America and Global)

+1 646 450 8909


Ross Swan - Based in Singapore

(Southeast Asia, Australia, Asia-Pacific)

+65 9181 9472


David Krutonog - Based in Israel

(Eastern Europe, Middle-East and North Africa

+972 50 974 3429


Claudio Hebling - Based in Brazil

(Latin America)

+55 19 99377 748


Vincent Paul Joseph - Based in India

(South Asia, India and Sri Lanka)

+91 962 620 9090


Olah Abiodun - Based in Nigeria

(Sub-Saharan Africa)

+234 812 029 8222





bottom of page