secwatch.observer — SEC 8-K summary
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Issuer:     Vertex Energy Inc. (—)
CIK:        0000890447
Form:       8-K
Filed at:   2024-08-26T23:59:59+00:00
Accession:  0001999371-24-010664
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 3.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/890447/000199937124010664/0001999371-24-010664-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/890447/000199937124010664/vtnr_8k-082324.htm
  HTML page:      https://secwatch.observer/filing/0001999371-24-010664

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