has closed on an asset-based credit with
ABOUT THE COMPANY:
Xpress Natura Gas (“XNG”) is a “virtual natural gas pipeline” operator, which provides natural gas fuel via truck to industrial customers located far from fixed pipeline service. Over 18 months, XNG grew over $18 million in revenue and $4 million in EBITDA.
SITUATION:
In transitioning from imported liquid natural gas to domestic compressed gas, XNG needed to build out a fleet of CNG tanker trailers. Given XNG’s young age, it was difficult to obtain standard senior debt.
ENGAGEMENT:
G2 was engaged by XNG management to identify sources of capital for the trailers. Asset backed senior debt, equipment leasing, and vendor financing were all pursued.
OUTCOME:
Northway Bank formed a consortium with Commerce Bank of New Hampshire to provide both a $10MM equipment line of credit and a $2MM equipment-backed revolver.
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