Item 1.02. Termination of a Material Definitive Agreement.

As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission by Vertex Energy, Inc. (the "Company"), on November 2, 2021, on November 1, 2021, the Company issued $155.0 million aggregate principal amount at maturity of its 6.25% Convertible Senior Notes due 2027 (the "Notes"). As further disclosed in the prior Form 8-K, the Company planned to use $10.9 million of the net proceeds from the sale of the Notes to repay amounts owed by the Company under its credit facilities with Encina Business Credit, LLC and certain of its affiliates.

Effective on November 1, 2021, the Company repaid in full approximately $10.9 million owed to Encina Business Credit, LLC and certain of its affiliates under the prior credit agreements (which are disclosed in greater detail in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021). As a result of such repayments, that certain ABL Credit Agreement dated February 1, 2017, by and between the Company, certain of its subsidiaries, Encina Business Credit, LLC, and the lenders party thereto, as amended to date (providing for up to $10 million of availability, subject to the terms thereof); and that certain Credit Agreement dated February 1, 2017, by and between the Company, certain of its subsidiaries, Encina Business Credit, LLC, and the lenders party thereto, as amended to date (providing for up to $22 million of availability, subject to the terms thereof), were each terminated, along with all commitments thereunder, and the creditors party thereto agreed to release all guarantees associated therewith and all of their security interests over our assets.

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