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Houston-based Vertex Energy Inc. amended its existing term loan agreement with an incremental $50 million in borrowings to Vertex, bringing the total outstanding balance on the term loan to $198 million, according to a Jan. 2 press release.
The agreement also bears interest at a base rate calculated as the greater of prime minus 1.5% and the federal funds rate, plus 0.5%, 1,025 basis points and no change to the previous duration of the term loan agreement due April 1, 2025. Vertex’s lenders also have the option to provide up to an additional $25 million of lending available under the term loan, the release said.
“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,” said Benjamin P. Cowart, president and CEO of Vertex.
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