Daily News: April 14, 2015

MidCap Completes $7MM ABL to Vertex Energy

MidCap Business Credit completed a $7 million asset-based line of credit to Vertex Energy, headquartered in Houston, Texas.

In addition to refinancing the previous lender, proceeds will be used to support working capital requirements. MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility. The opportunity was sourced and closed out of MidCap’s office in Houston.

Vertex Energy recycles industrial waste streams and off-specification commercial chemical products. The facility is comprised of advances against accounts receivable and inventory.