Vertex privately exchanges $79.95 million of 6.25% convertibles

Chicago, June 8 – Vertex Energy Inc. privately negotiated with certain holders of its outstanding 6.25% convertible senior notes on exchange agreements, according to an 8-K filing with the Securities and Exchange Commission.

Under the terms of the exchange, noteholders have agreed to exchange $79.95 million of their notes for an aggregate of 17,206,776 newly issued shares of common stock, which is 215.22 shares per $1,000 note exchanged.

The company also paid $985,470 in cash for the accrued interest on those notes.

After the exchanges, $15.2 million of the notes remain outstanding.

The exchanges are expected to close on June 12.

Depending on market conditions, the company may tender for, redeem or repurchase additional outstanding notes.

Oppenheimer & Co. Inc. and ICR Capital LLC acted as financial advisers in connection with the exchanges. The Loev Law Firm, PC acted as legal counsel to the company, with Cooley LLP acting as legal counsel to Oppenheimer.

Vertex Energy is a Houston-based refiner of alternative feedstocks.

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