HomeMarket NewsGreenbrook TMS stock soars after company raises $5.3M in debt financing

Greenbrook TMS stock soars after company raises $5.3M in debt financing

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Greenbrook TMS Reaches New Heights with $5.3M in Debt Financing

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  • Greenbrook TMS (NASDAQ:GBNH) announced on Thursday that it had entered into the twenty-second amendment to its credit facility with affiliates of Madryn Asset Management.
  • Following the announcement, shares of GBNH surged 40% in extended trading, sparking much excitement among investors and market enthusiasts alike.
  • As part of the amendment, GBNH secured an additional $5.26M in senior secured term loans from Madryn under the credit facility, signifying a vote of confidence from Madryn in the growth prospects of Greenbrook TMS.
  • After the new loan, GBNH now has approximately $81 million outstanding under the credit facility.
  • Seeking to provide transparency, the company clarified that the loan proceeds would be utilized to fund certain debt service obligations and for general corporate and working capital purposes, ensuring stability and flexibility for future initiatives.
  • The amendment also includes a provision allowing Madryn to convert up to approximately $478.5K of the outstanding principal amount of the new loan into GBNH common shares, further cementing the symbiotic relationship between the two entities.
  • Reaching this financing milestone reflects the ongoing commitment of Greenbrook TMS to fortify its position and pursue strategic opportunities, setting a promising trajectory for its long-term vision.

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