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VERTEX ENERGY, INC.

(VTNR)
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Vertex Energy Shares Drop 18% After Senior Notes Offering

10/26/2021 | 08:27am EST

By Chris Wack

Vertex Energy Inc. shares were down 18% to $4.38 Tuesday after the company said it intends to offer $155 million of its convertible senior notes due 2027 in a private offering.

The company said the notes will be senior unsecured obligations, will be issued at a price equal to 90% of the face amount of each note and will accrue interest payable semiannually in arrears.

The notes will be convertible into cash, shares of common stock or a combination of cash and shares of stock at the company's election. The interest rate, initial conversion rate, redemption rights and other terms of the notes will be determined at the time of pricing of the offering.

Vertex said it intends to use $33.7 million of the proceeds to fund a portion of the funds payable in connection with the previously disclosed, pending acquisition by Vertex Energy of a refinery located in Mobile, Ala.. It said it plans to use $13 million for certain engineering services and for the initial payments of purchase orders for long lead-time equipment associated with a capital project designed to modify the Mobile refinery's hydrocracking unit to produce renewable diesel in advance of the purchase, and $10.9 million to repay amounts owed by the company under its credit facilities with Encina Business Credit LLC and certain of its affiliates. It said it plans to use $400,000 to repay certain secured equipment leases with certain affiliates of Wells Fargo Bank.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

10-26-21 1027ET

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Analyst Recommendations on VERTEX ENERGY, INC.
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Financials (USD)
Sales 2021 209 M - -
Net income 2021 -10,3 M - -
Net Debt 2021 30,0 M - -
P/E ratio 2021 -21,2x
Yield 2021 -
Capitalization 282 M 282 M -
EV / Sales 2021 1,50x
EV / Sales 2022 0,19x
Nbr of Employees 282
Free-Float 72,2%
Chart VERTEX ENERGY, INC.
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Vertex Energy, Inc. Technical Analysis Chart | VTNR | US92534K1079 | MarketScreener
Technical analysis trends VERTEX ENERGY, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 4,46 $
Average target price 17,50 $
Spread / Average Target 292%
EPS Revisions
Managers and Directors
Benjamin P. Cowart Chairman, President & Chief Executive Officer
Christopher Carlson Chief Financial & Accounting Officer, Secretary
John Strickland Chief Operating Officer
David L. Phillips Independent Non-Executive Director
Daniel K. Borgen Independent Non-Executive Director
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