Vertex Energy, a refiner and marketer of high-quality specialty hydrocarbon products, closed a facility with Encina Business Credit that provides for up to $30 million of senior secured debt.

The financing is comprised of a revolving line of credit, a funded term loan and a delayed draw term loan. CrowdOut Capital served as a lender alongside Encina Business Credit.

The company used the financing to close on the acquisition of assets of a small collection company in Louisiana and to repay amounts owed under a previous agreement with Goldman Sachs Bank and MidCap Business Credit.

Vertex’s CEO Benjamin P. Cowart said, “The refinance of the company’s prior credit facility reflects our belief in the future growth of the company. We believe that this step was necessary in ensuring that we clean up our balance sheet, which includes paying off both of our prior lenders, consolidating our debt into one facility and strengthening our cash position.”