Vertex Energy Inc VTNR shares are trading lower by 11.8% to $2.99 Tuesday morning after the company announced an amendment to its term loan agreement, securing an additional $50 million in borrowing capacity, totaling $198 million.
The move aims to bolster the company’s financial standing while pursuing strategic evaluations and exploring options to strengthen its balance sheet. The modified terms include an adjusted interest rate and maintain the loan’s duration until April 1, 2025.
CEO Benjamin P. Cowart emphasized the amendment as a reinforcement of liquidity and added that it provides flexibility to pursue potential business transactions, aligning with long-term shareholder interests and the company’s goals.
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According to data from Benzinga Pro, VTNR has a 52-week high of $11.20 and a 52-week low of $2.90.