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Lilis Energy closes new USD 50m first lien credit facility with Riverstone Credit Partners.

BANKING AND CREDIT NEWS-February 1, 2018-Lilis Energy closes new USD 50m first lien credit facility with Riverstone Credit Partners



Lilis Energy, Inc. (NYSE American: LLEX) has announced that it has signed a new USD 50 million first lien term loan with Riverstone Credit Partners, L.P. ("RCP"), the company said.

It is anticipated that the new credit facility will be funded in full at closing tomorrow. The new credit facility will have additional availability of up to an additional USD 30 million which will be uncommitted at closing. The new credit facility will mature in three years, will be issued at an original issue discount of 1%, will carry a floating interest rate of LIBOR plus 6.75% (subject to a 1% LIBOR floor) and will be subject to call protection.

The company plans to use approximately USD 30 million of the proceeds received at closing to repay and retire its existing first lien credit facility, which is scheduled to mature in October 2018. Remaining proceeds and additional availability under the new credit facility may be used for developmental drilling activities, future accretive acquisitions and general corporate purposes.

Johnson Rice & Co. served as financial advisor to the company and Bracewell LLP acted as legal counsel in the negotiation and execution of the new credit facility. Legal counsel for RCP was the Houston office of Simpson Thacher & Bartlett LLP.

Lilis Energy, Inc. is a San Antonio-based independent oil and gas exploration and production company that operates in the Permian's Delaware Basin, considered amongst the resource plays in North America. The company's total net acreage in the Permian Basin is over 16,200 acres. Lilis Energy's near-term E&P focus is to grow current reserves and production and to pursue strategic acquisitions in its core areas. For more information, visit

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 1, 2018
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