WESTLAKE VILLAGE, Calif., Feb. 2, 2015 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org
Source: Applied LNG