Vertex Energy, a leading specialty refiner and marketer of high-quality refined products, has successfully amended its existing term loan agreement. The Company has reached an agreement with its existing group of lenders to modify certain terms and conditions of the term loan agreement aimed at improving the Company’s balance sheet.

The amended term loan provides for an incremental $50.0 million in borrowings to Vertex, the full amount of which was borrowed upon closing, which brings the total outstanding balance on the term loan to $198.0 million. The amended agreement also bears interest at a rate of a base rate calculated as the greater of (i) prime minus 1.5%, and (ii) the federal funds rate (not less than 1%) plus 0.5%, plus 1025 basis points and includes no change to the previous duration of the term loan agreement due April 1, 2025. These amendments were pursued to support current operational and strategic needs as the Company continues to evaluate previously disclosed alternative options aimed at strengthening the Company’s balance sheet. The lenders also have the option in their sole discretion to provide up to an additional $25.0 million of lending availability under the term loan, subject to certain terms and conditions.

Benjamin P. Cowart, President and CEO of Vertex, stated, “This agreement not only reinforces our liquidity position but also gives us the strategic latitude to continue a comprehensive evaluation of potential transaction opportunities around the business. We believe our lending partners share our vision of the long-term value potential of the Company, and we believe this enhanced flexibility will be in the best interest of our shareholders, as we continue to work to make steady progress toward achieving our goals.”