Applied LNG has completed the financing for its LNG plant in Midlothian, Texas. Today marked the closing of the US$22.5 million senior secured loan, provided by Texas Capital Bank.
Commenting on the achievement, Applied LNG President and CEO, Cem Hacioglu, said: “This transaction completes the financing of our first liquefaction train in our Midlothian LNG Production Platform.
“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.”
Chris Wheeler, Executive VP of the bank, added: “Texas Capital Bank is proud of its partnership with Applied LNG and we are excited to finance this project in the state of Texas. We look forward to expanding our relationship with the company as Applied LNG continues to grow its operations in Midlothian and beyond.”
The company’s first production train in Midlothian, Texas, is expected to be completed in mid-2015. This will increase Applied LNG’s production capacity to 258 000 LNG gal./d.
Adapted from press release by Katie Woodward