The debt was raised by a middle-market investment bank called Westlake Securities.
Westlake Securities managing director Brian Gilmore said, "With domestically produced natural gas trading at less than $20 per barrel of oil equivalent, Westlake is excited about the increasing adoption of LNG fueled engines for use in the transportation, energy and industrial sectors."
The LNG plant situated in Topock, Arizona, is one of the three prime LNG production facilities with a production capacity enough to serve retail, wholesale and industrial end users of the Western US, claimed the company.
A part of the new debt will also be used to refinance the existing debt.
Applied Natural Gas produces at its plant, sells, and transports LNG via its 34 cryogenic tank trailers to its customer sites in Western US and Northern Mexico.
The company also operates two retail LNG fueling stations and eight mobile fueling units.
