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MidCap Business Credit Provides $7MM ABL to Vertex Energy

April 02, 2015, 07:22 AM
Filed Under: Energy Services

MidCap Business Credit announced that it has completed a $7 million asset-based line of credit to Vertex Energy, Inc., headquartered in Houston, Texas. Vertex Energy, Inc. recycles industrial waste streams and off-specification commercial chemical products. The credit facility is comprised of advances against accounts receivable and inventory. 
In addition to refinancing the previous lender, the 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.

MidCap Business Credit provides asset-based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $1 million to $10 million.

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