Hooper Holmes entered into a new $7 million credit facility agreement with SCM Specialty Finance Opportunities Fund, an affiliate of CNH Finance.
This agreement replaces the company’s previous credit facility with ACF FinCo, an assignee of Keltic Financial Partners.
The new credit facility will be available for general corporate purposes and growth initiatives.
“One of our key initiatives has been to improve our capital structure. We have made great strides in doing that since the beginning of the year. This new credit facility with SCM, which has the same total cost of funds as our prior agreement with ACF, eliminates the need to issue warrants that would have represented an estimated 7% dilution to our shareholders. We look forward to working with SCM as we execute against our growth-oriented business plan,” said Henry Dubois, president and CEO of Hooper Holmes.
Hooper Holmes mobilizes a national network of health professionals to provide on-site health screenings, laboratory testing, risk assessment and sample collection services.