An announcement from Vertex Energy (VTNR) is now available.
Vertex Energy, Inc. has announced a significant amendment to its Loan and Security Agreement, acquiring a new $25 million term loan to bolster its financial position. This move, aimed at enhancing corporate liquidity and covering certain transactional expenses, also involves key negotiations for asset or equity sales and a commitment to a restructuring agreement. The new loan, bearing a Prime Rate-based interest, is part of a larger debt structure secured by the company’s assets, with repayment starting at the end of September 2024. Moreover, the company’s board expansion includes the appointment of Jeffrey S. Stein, a seasoned executive with extensive transformational leadership experience.
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