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Vertex Energy Inc (NASDAQ: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 modified terms include an adjusted interest rate and maintain the loan's duration until April 1, 2025. The aim is to bolster the company's financial standing while pursuing strategic evaluations and exploring options to strengthen its balance sheet.
CEO Benjamin P. Cowart highlighted the move as reinforcing liquidity and providing 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.
Posted In: VTNR
