Vertex Energy secures $25M new term loan at ~10.25%+Prime; board adds restructuring expert Stein

Vertex Energy Inc.

New $25M term loan from BlackRock, Whitebox, Highbridge, CrowdOut; proceeds received Aug 23, 2024.
Interest rate: greater of Prime -1.5% or Fed Funds +0.5% (floor 1%) plus 10.25%; maturity Apr 1, 2025.
Lenders consent to minimum consolidated liquidity of $12M (vs $25M) until Sep 20, 2024.
Company to launch sale process for substantially all assets/equity by Sep 3, 2024; RSA target by Sep 20.
Jeffrey Stein appointed to board, effective Aug 23, 2024; receives $45,000/month cash compensation.

item 1.01 item 2.03 item 3.03 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Jeffrey S. Stein

member of the Board of Directors

Vertex Energy Inc.

Effective: 2024-08-23
Filed: August 26, 2024, 7:59 PM ET

Effective on August 23, 2024, the Board of Directors (the “ Board ”) of the Company increased the number of members of the Board of Directors from five (5) to six (6), pursuant to a resolution of the Board in accordance with the Second Amended and Restated Bylaws of the Company (the “ Bylaws ”), and appointed Jeffrey S. Stein as a member of the Board of Directors to fill the newly created vacancy.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey S. Stein was appointed as member of the Board of Directors at Vertex Energy Inc..

Action: appointed
Role: member of the Board of Directors

Exact text from the filing

Effective on August 23, 2024, the Board of Directors (the “ Board ”) of the Company increased the number of members of the Board of Directors from five (5) to six (6), pursuant to a resolution of the Board in accordance with the Second Amended and Restated Bylaws of the Company (the “ Bylaws ”), and appointed Jeffrey S. Stein as a member of the Board of Directors to fill the newly created vacancy.

View on SEC.gov

Source: SEC EDGAR

accession 0001999371-24-010664

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.