Fairbanks Natural Gas to Raise Capital for Growth
FAIRBANKS, AK, June 27, 2012-- Fairbanks Natural Gas, LLC (“FNG”) announced today that it has engaged Marathon Capital, LLC, a leading investment bank to explore strategic and financing alternatives to support FNG’s growth objectives.
FNG is committed to bringing an increased capacity of natural gas to the Fairbanks community and Marathon Capital will provide strategic guidance and financial advisory services to FNG and its associated entities, with respect to raising capital needed to meaningfully expand the availability of natural gas in Fairbanks.
Fairbanks Natural Gas has recently announced the development of a large scale Liquefied Natural Gas (“LNG”) storage project and is in the final development phase of an LNG production facility on the North Slope of Alaska. Both projects are designed to provide substantial quantities of natural gas to support the increasing demand in the Interior of Alaska.
"This substantial investment in storage and production capacity necessitates the efficient deployment of capital and Marathon Capital is strongly positioned to assist FNG in achieving its strategic and financing goals," said FNG President Daniel W. Britton. "This addition of LNG production and storage will provide the capacity necessary to increase the availability of clean burning, economic natural gas to the Interior.”
“Marathon Capital is excited to work with FNG and is moving quickly to finalize strategic and financing activities to allow FNG to move forward with its plans. We see the FNG opportunity as one that will be very compelling to investors,” said Marathon Capital CEO Ted Brandt.
FNG is the natural gas utility providing gas service to Fairbanks, Alaska. The company initiated service to its first customer during the spring of 1998. FNG will continue to expand its 70-mile underground distribution system to serve the Interior.