Vertex Energy (VTNR) Announces Private Exchange of Approximately $79.95M of 2027 otes

Vertex Energy, Inc. (NASDAQ: VTNR) today announced that the Company has entered into privately negotiated exchange agreements with certain holders of its 6.25% Convertible Senior Notes due 2027 (the “Existing Notes”) to exchange approximately $79.9 million aggregate principal amount of the Existing Notes held by such holders (the “Exchanges”) for an aggregate of approximately 17.2 million newly issued shares of Vertex common stock, pursuant to an exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended. After the closing of the Exchanges, which is expected to occur on or around June 12, 2023, subject to customary closing conditions, approximately $15.2 million aggregate principal amount of the Existing Notes will remain outstanding. The Exchanges could affect the market price of Vertex’s common stock.

"The exchange of a significant portion of our outstanding convertible notes reflects the continued execution of our comprehensive strategic transition of the company into the Vertex of the future. This transaction enhances our financial flexibility and is a key step in improving our balance sheet position, following our transformational Mobile refinery acquisition," said Benjamin P. Cowart, Chairman and Chief Executive Officer of Vertex, who continued, "Our actions are expected to drive significant interest savings and help to preserve cash, enhancing our financial position as we further develop and expand our renewable fuels strategy."

Oppenheimer & Co. Inc. and ICR Capital LLC acted as financial advisors 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 & Co. Inc.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Existing Notes, shares of the Company’s common stock or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

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