Applied LNG Completes Financing for LNG Plant in Midlothian, Texas
February 02 2015 - 09:00AM
Applied LNG announced today the closing of a $22.5 million senior
secured loan provided by Texas Capital Bank.
"This transaction completes the financing of our first
liquefaction train in our Midlothian LNG Production Platform," said
Cem Hacioglu, President and CEO of Applied LNG. "We are delighted
to partner with Texas Capital Bank to complete this financing on
attractive terms which we believe is a testament to the financial
and operational stability of our company and its tremendous growth
potential."
"Texas Capital Bank is proud of its partnership with Applied LNG
and we are excited to finance this project in the State of Texas,"
said Chris Wheeler, Executive Vice President. "We look forward to
expanding our relationship with the company as Applied LNG
continues to grow its operations in Midlothian and beyond," he
said.
Applied LNG's first production train in Midlothian, Texas, is
expected to be completed in mid-2015. This will be the company's
third liquefier and will increase Applied LNG's production capacity
to 258,000 LNG gallons per day.
About Applied LNG
Applied LNG is the second largest producer and distributor of
Liquefied Natural Gas for alternative fuel use in North America.
Established in 1995, the Company markets LNG to trucking, oilfield,
marine, mining, construction, rail, industrial, and agricultural
customers. Applied LNG provides full-service solutions that,
depending on customer needs, can include LNG supply, delivery from
a fleet of 49 LNG trailers, temporary or permanent fueling
stations, equipment leasing, and training. Applied LNG supplies LNG
produced with renewable natural gas to help customers improve their
carbon footprint. The Company added a second LNG production train
to the Needle Mountain LNG Plant located near Topock, Arizona in
2014. Applied LNG is currently building a new LNG production Plant
located in Midlothian, Texas. For more information, visit
www.appliedlng.com.
About Texas Capital Bank
Texas Capital Bank is a commercial bank that delivers highly
personalized financial services to businesses and entrepreneurs. We
are headquartered in Texas working with clients throughout the
state and across the country. Texas Capital Bank is a wholly owned
subsidiary of Texas Capital Bancshares, Inc. (Nasdaq:TCBI) and is
recognized as a Forbes Best Banks in America and the Dallas Morning
News' Top 100 Places To Work company. To find out why we're the
Best Business Bank in Texas®, please visit
www.texascapitalbank.com.
CONTACT: Cem Hacioglu
President and CEO
chacioglu@appliedlng.com
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