- Vertex Energy (NASDAQ:VTNR +55%) soars following this morning's news that it sold its Nevada re-refinery facility to Clean Harbors (CLH +1.3%) for $35M.
- VTNR says the swap agreement and base oil agreements that were entered into as part of the sale should allow it to improve logistic costs and provide a long-term off-take agreement for base oil and finished lubricants.
- VTNR says it is using $16M of the sale proceeds to pay down and service its debt, lowering the amount owed to ~$7M and total long-term debt to ~$14M.