GBNH - Greenbrook TMS gets additional debt financing of $2.75M from Madryn

• Greenbrook TMS ( TSX: GTMS:CA ) ( NASDAQ: GBNH ) said Tuesday it received US$2.75 million in debt financing from its existing lender, Madryn Asset Management, alongside certain of its existing significant shareholders and management.
• The company said Madryn and its affiliated entities have extended an additional tranche of debt financing to the company in an aggregate principal amount of US$2.0 million, which was fully-funded at closing.
• The terms and conditions of the new loan are consistent with the terms and conditions its existing aggregate US$55.0 million loan under the credit facility in all material respects.
• The new loan also provides Madryn with the option to convert up to about US$182,000 of the outstanding principal amount of the new loan into common shares of the company at a conversion price per share equal to US$1.90.
• The company also entered into a note purchase agreement, whereby the company has issued US$750,000 of unsecured notes to the noteholders.
• The notes bear interest at a rate consistent with the Credit Facility and mature on September 30, 2027.
• The company has the option to issue and sell to the noteholders up to an additional US$1.0 million notes.
• The proceeds of the New Loan and the Notes are expected to be used by the company for general corporate and working capital purposes.

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