New Orleans-based Thermo Credit provides $20M in financing to

New Orleans-based Thermo Credit said Friday it has entered into an agreement to provide $20 million in financing to Fort Worth, Texas-based Teletouch Communications Inc.

Thermo Credit, based at 639 Loyola Ave., provides funding to the telecommunications industry.

Thermo Credit said it has completed a new $5 million asset-based credit facility with Teletouch, a cellular, two-way radio, mobile electronics and related services provider.

In addition, Thermo Credit said it has expanded an financing agreement originally signed in August 2006 with Teletouch subsidiary Progressive Concepts Inc. to provide for an additional $15 million in financing based on accounts receivable.

"We continue to be pleased with the performance of our financial relationship with Teletouch," said Jack Eumont, executive vice president of internal operations for Thermo Credit. "We feel their strong management team and continued focus on the bottom line continues to enhance their ability to grow, improving the overall value of our credit and use of the specialized facilities we offer."

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