Vertex Energy Inc. (OTCQB:VTNR) has closed the acquisition of substantially all of the assets and liabilities of Vertex Holdings and entered into a credit agreement with Bank of America N.A. to finance the transaction.
Pursuant to the credit agreement, the lender provided the company $8.5 million in the form of a term loan and agreed to provide the company an additional $10 million revolving credit facility.
For the fiscal year ended December 31, 2011, Vertex Holdings generated revenue and EBITDA of approximately $31 million and $6 million, respectively. For the six-months ended June 30, 2012, Vertex Holdings generated revenue and EBITDA of approximately $19 million and $3 million, respectively.
Craig-Hallum Capital Group LLC served as exclusive financial adviser to the company in connection with the acquisition, and Mayer Brown LLP acted as its legal adviser. Sedgwick LLP acted as legal adviser to Holdings and B&S LP.
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