Tetra Capital, a Utah-based finance company providing factoring services for trucking companies, has been named one of the best trucking factoring companies by FactoringClub, for the third time. Over 100 factoring companies were evaluated for the awards, and winners were selected based on contract terms, integrity, quality of service, and proven track record.

Traditional bank financing was not an option due to the start-up nature of this business but that didn’t make a line of credit any less necessary. Vendors had to be paid to keep product flowing to the growing customer base. Cornerstone quickly approved and closed an expandable line of credit to provide the necessary working capital.

Texas Capital Bank announced today that it has provided a Revolving Line of Credit for Irvine, CA-based Pacific Coast Capital, LLC. Pacific Coast Capital (“PCC”), is a non-regulated specialty finance lending firm that provides asset-based lending solutions to lower and middle-market businesses across all industries. The funds will be used to support future growth.

WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the further expansion of its Commercial Banking team in the Greater Philadelphia region with the addition of three Commercial Lending Relationship Managers. Kimberly Godshall, Duane Lacsamana and Scott Woll, Jr. join the WSFS team, reporting to Patrick Fisher, Senior Vice President, Philadelphia Team Lead – Commercial Banking.

U.S. bankruptcy filings for 2020 hit their lowest level since 1986 as a flood of government support programs offset at least temporarily the full brunt of the coronavirus pandemic and a related recession, Epiq AACER reported on Friday. The firm’s compilation of bankruptcy cases showed the Chapter 11 filings used to reorganize larger businesses still jumped 29% in 2020 to 7,128, compared to 5,158 in 2019, a tally that included major retailers like J.C. Penney driven under by the biggest economic downturn in a century.

Fitch Ratings-New York/London-05 January 2021: Rating Outlooks have turned Negative for many non-bank financial institution (NBFI) sub-sectors compared to the start of 2020, reflecting negative pressures from the operating environment on asset quality, earnings and support-driven ratings, says Fitch Ratings in its "2021 Outlook: Global Non-Bank Financial Institutions Compendium".

AssetMark Financial Holdings, Inc. (NYSE: AMK) announced today that it has entered into a new Credit Agreement with six banks, including Bank of Montreal serving as administrative agent. The Credit Agreement provides for a $250 million secured revolving Credit Facility.

Jones Walker LLP announced today that John Mills joined the firm as a partner in the Litigation Practice Group in the Atlanta office. John represents clients in a wide range of matters, with an emphasis on corporate workouts and restructuring. His legal practice focuses on business disputes, the sale and acquisition of distressed assets, corporate bankruptcy, and debtor and creditor rights litigation. He regularly advises secured and unsecured creditors, debtors, and other parties on issues such as corporate reorganization, debtor-in-possession financing, and the sale and acquisition of distressed assets.

As we look forward to the year ahead and continuing to provide our readers with content to help you see around corners and manage the ongoing uncertainty, we wanted to highlight the most-read articles from 2020.

Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it entered into a new and expanded five-year $25.0 million revolving credit facility with Bank of America, N.A. effective December 29, 2020.

Tuesday Morning and certain of its subsidiaries (collectively “Tuesday Morning” or the “Company”) today announced that it has successfully completed its financial and operational reorganization and emerged from Chapter 11. Tuesday Morning is supported by a $110 million asset-backed lending facility provided by J.P. Morgan, Wells Fargo, and Bank of America. The Company has further optimized its store footprint and is emerging with 490 of its best performing stores.

FrontWell Capital Partners (“FrontWell”), a private credit fund that provides transitionary senior debt financing to middle-market companies in the United States and Canada, today announced that Geoffrey Hiscock has been appointed Senior Vice President, Originations. Mr. Hiscock will join the firm on January 11, 2021 from Canadian asset-based lender Waygar Capital, where he served as Managing Director, Head of Originations. Mr. Hiscock, who brings more than 25 years of experience in origination, underwriting and portfolio management to FrontWell, will be based in the firm’s Toronto headquarters.

Revolution Capital, the leading provider of factoring & cash-flow financing in Canada and the United States, has acquired Atlantic Gateway Inc., a boutique factoring firm specializing in transportation factoring. The consolidation is an important step towards standardizing customer service standards across the industry. The factoring services provided by Atlantic Gateway Inc. have been integral to the growth of numerous companies across North America who will now have access to industry-leading tools and resources.

Founded in 2011, H2C is a premier strategic advisory and investment banking firm with an emphasis on healthcare organizations, including specialized expertise in the not-for-profit sector. Its core advisory services include mergers, acquisitions and divestitures, partnerships and strategic growth, capital markets and real estate investment banking. Alston & Bird LLP acted as legal advisor to Fifth Third. Houlihan Lokey acted as financial advisor and Winston & Strawn acted as legal advisor to H2C.

The new structure includes a five-year $170.0 million uni-tranche term loan agented by Goldman Sachs Specialty Lending Group, L.P. (“Goldman Sachs”) and split equally with Guggenheim Credit Services, LLC (“Guggenheim”) and a $75.0 million asset-based line of credit provided by BMO Harris Bank N.A. (“BMO”), a lender under the Company’s prior credit facilities, which matures in five years subject to a springing maturity date described herein.

Centerra Gold Inc. (“Centerra”) (TSX: CG) announced today it has entered into a new U.S.$400 million four-year revolving credit facility plus a U.S.$200 million accordion feature (the "Credit Facility"). The Credit Facility is led by The Bank of Nova Scotia, National Bank Financial Markets and HSBC Canada Bank and is supported by a syndicate of international financial institutions. The interest rate payable on any outstanding borrowings is LIBOR plus 2.25% to 3.25%. The Credit Facility replaced Centerra’s previous U.S.$500 million revolving credit facility.

Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, along with lending partner, Silicon Valley Bank ("SVB"), a provider of financial solutions for growth-oriented companies, announced today that on December 31, 2020 they provided a $20 million venture loan facility to Canary Medical, Inc. ("Canary Medical"), a medical data company improving healthcare outcomes with its proprietary smart medical devices.

Armstrong Teasdale proudly announces its intent to establish a physical presence in Wilmington, Delaware. This marks the firm’s seventh office opening in the past two and a half years. Armstrong Teasdale will initially welcome a team of four partners, with plans to expand in the market. Partners Shelley A. Kinsella, Jonathan M. Stemerman, Eric M. Sutty and Rafael X. Zahralddin join the firm, effective Jan. 4, 2021. In 2020, Armstrong Teasdale added more than 100 attorneys and staff professionals to its ranks across the country.

FTI Consulting, Inc. (NYSE: FCN) today announced the promotion of 18 professionals within the firm’s Corporate Finance & Restructuring segment to Senior Managing Director, effective Jan. 1, 2021. The promotions include Alexis Anaman, Jamie Belcher, Michael Bui, Jose Cepeda, Francesco Di Ianni, Ian Duncan, Andy Hall, Peter Heinz, Darin Miller, Riccardo Pacelli, Liz Park, Daniele Pe, Dave Phillips, Kevin Rea, Lisa Rickelton, Mukesh Shah, Vincent Stevens and Daniel Woodhouse.

Kristen brings over 10 years of industry knowledge and expertise to Black Olive. She has served as Operation Specialist, Lead Underwriter, and business development officer for several revered boutique lenders in the industry. Kristen has extensive experience in the inventory and purchase order finance space.