UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.02. Termination of a Material Definitive Agreement.
As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission by Vertex Energy, Inc. (the “Company”), on November 2, 2021, on November 1, 2021, the Company issued $155.0 million aggregate principal amount at maturity of its 6.25% Convertible Senior Notes due 2027 (the “Notes”). As further disclosed in the prior Form 8-K, the Company planned to use $10.9 million of the net proceeds from the sale of the Notes to repay amounts owed by the Company under its credit facilities with Encina Business Credit, LLC and certain of its affiliates.
Effective on November 1, 2021, the Company repaid in full approximately $10.9 million owed to Encina Business Credit, LLC and certain of its affiliates under the prior credit agreements (which are disclosed in greater detail in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021). As a result of such repayments, that certain ABL Credit Agreement dated February 1, 2017, by and between the Company, certain of its subsidiaries, Encina Business Credit, LLC, and the lenders party thereto, as amended to date (providing for up to $10 million of availability, subject to the terms thereof); and that certain Credit Agreement dated February 1, 2017, by and between the Company, certain of its subsidiaries, Encina Business Credit, LLC, and the lenders party thereto, as amended to date (providing for up to $22 million of availability, subject to the terms thereof), were each terminated, along with all commitments thereunder, and the creditors party thereto agreed to release all guarantees associated therewith and all of their security interests over our assets.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VERTEX ENERGY, INC. | ||
Date: November 4, 2021 | By: | /s/ Chris Carlson |
Chris Carlson | ||
Chief Financial Officer |
Cover |
Nov. 01, 2021 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 01, 2021 |
Entity File Number | 001-11476 |
Entity Registrant Name | VERTEX ENERGY, INC. |
Entity Central Index Key | 0000890447 |
Entity Tax Identification Number | 94-3439569 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 1331 Gemini Street |
Entity Address, Address Line Two | Suite 250 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77058 |
City Area Code | (866) |
Local Phone Number | 660-8156 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, |
Trading Symbol | VTNR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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