Vertex Energy, Inc., Vertex Energy Operating, LLC Enter into A Fourth Amendment to Credit Agreement
April 24, 2020 at 05:03 pm EDT
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On April 24, 2020, Vertex Energy, Inc., Vertex Energy Operating, LLC, the Company’s wholly-owned subsidiary (“Vertex Operating”), Encina Business Credit, LLC, as agent (the “Agent”) for the lenders party thereto (the “Lenders”), and the Lenders, entered into a Fourth Amendment to Credit Agreement, pursuant to which the Lenders agreed to amend that certain Credit Agreement dated as of February 1, 2017, as amended to date (the “EBC Credit Agreement”); and (b) the Company, Agent, Lenders and Vertex Operating entered into a Fourth Amendment to ABL Credit Agreement, pursuant to which the Lenders agreed to amend that certain ABL Credit Agreement dated as of February 1, 2017, as amended to date (the “Revolving Credit Agreement” and together with the EBC Credit Agreement, the “Credit Agreements”). The amendments to the Credit Agreements extend the maturity date thereof from February 1, 2021 to February 1, 2022. Additionally, pursuant to the amendment to the Revolving Credit Agreement, the early termination fee payable pursuant to such agreement was amended to provide that (i) if the Revolving Credit Agreement is terminated (or the amounts due thereunder accelerated or become due) prior to February 1, 2021, or (ii) the Company reduces or terminates any portion of the amount which has been committed to be loaned under such agreement prior to February 1, 2021, the Company is required to pay the Lenders an early termination fee equal to 1% of (x) the aggregate amount committed by the Lenders (in the event section (i) above is triggered), or (y) the amount of such reduction (in the event section (ii) above is triggered).
Vertex Energy Inc. is an energy transition company that specializes in producing both renewable and conventional fuels. The Company is engaged in operations across the petroleum value chain, including refining, collection, aggregation, transportation, storage and sales of aggregated feedstock and refined products to end-users. Its segments include Refining and Marketing and Black Oil and Recovery. The Refining and Marketing segment is engaged in the refining and distribution of petroleum products and includes the Mobile Refinery and related operations. In addition, it aggregates a diverse mix of feedstocks petroleum distillates, transmix and other off-specification chemical products. The Black Oil business is engaged in operations across the entire used motor oil recycling value chain including collection, aggregation, transportation, storage, refinement, and sales of aggregated feedstock and re-refined products to end users. It owns a fleet of 68 collection vehicles.