Applied Natural Gas Fuels, Inc, (“ALT”) closed on February 9 on a $2.5 mm accounts receivable revolving line of credit. ALT is one of two primary vehicle-grade liquefied natural gas (LNG) producers in the western United States. ALT produces, distributes, and sells LNG to transportation, industrial and municipal markets in the western United States and northern Mexico. It offers turn-key fuel solutions to its customers, including delivery of clean LNG fuel, equipment storage, fuel dispensing equipment and fuel loading facilities.
“This is a great financing event for the Company and for our shareholders. Not only does this facility provide us with an expanded working capital facility, but also with additional availability and flexibility while significantly lowering our cost of capital, recognizing the substantial amount of progress we have made over the last two years. I would like to thank Bryant Park Capital for identifying a great partner, facilitating a terrific deal and providing significant support from beginning to end.” Said Cem Hacioglu, President and Chief Executive Officer, Applied Natural Gas Fuels, Inc.
Bryant Park Capital acted as exclusive financial advisor to Applied Natural Gas Fuels, Inc. in connection with this transaction. Bryant Park Capital Managing Director Volfi Mizrahi led the transaction with support from Managing Director Kurt Bermond.