LILIS ENERGY, INC. (OTCMKTS:LLEX) Files An 8-K Regulation FD DisclosureItem 7.01Regulation FD Disclosure.
On October 10, 2018, Lilis Energy, Inc. ("Lilis" or the "Company") issued a press release announcing that the Company has entered into a Second Amended and Restated Senior Secured Revolving Agreement (the "Second Senior Credit Agreement") by and among the Company, certain subsidiaries of the Company party thereto as guarantors, and BMO Harris Bank, N.A., as Administrative Agent; SunTrust Bank, as Syndication Agent; Capital One, National Association, as Documentation Agent; and Credit Suisse AG (collectively, BMO Harris Bank, N.A., SunTrust Bank, Capital One, N.A. and Credit Suisse AG being the "Lenders"); and BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc., in their capacity as Joint Lead Arranger. to the Second Senior Credit Agreement, the aggregate maximum credit amount being offered by the Lenders is $500,000,000 and is secured by substantially all of the Company’s assets.
The Second Senior Credit Agreement provides, among other things, for a senior secured reserve based revolving credit facility with an initial borrowing base of $95 million. The Company also announced the exchange of approximately $68 million of the existing second lien term debt to equity, in connection with the Second Senior Credit Agreement.
A copy of the press release and financing overview are furnished as Exhibit 99.1 and 99.2 hereto.
The information furnished under this Item 7.01, including the accompanying Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed to be incorporated by reference in any subsequent filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as specifically stated in such filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit
NumberDescription
LILIS ENERGY, INC. ExhibitEX-99.1 2 creditfacilityrblfinal10.htm EXHIBIT 99.1 creditfacilityrblfinal10 EXHIBIT 99.1 LLEX:NYSE American LILIS ENERGY ANNOUNCES NEW CREDIT AGREEMENT CONVERSION OF ~$68 MILLION OF SECOND LIEN TERM LOAN TO EQUITY LOWERING COST OF CAPITAL TO DELINEATE AND ACQUIRE ACREAGE HOUSTON,…To view the full exhibit click here
About LILIS ENERGY, INC. (OTCMKTS:LLEX)
Lilis Energy, Inc. is an upstream independent oil and gas company. The Company is engaged in the acquisition, drilling and production of oil and natural gas properties and prospects. The Company drills for, operates and produces oil and natural gas wells through its land holdings located in Wyoming, Colorado, and Nebraska. Its total net acreage in the Denver-Julesburg (DJ) Basin is approximately 7,200 acres. The Company’s primary targets within the DJ Basin are the conventional Dakota and Muddy J formations. In addition to its DJ Basin holdings, it focuses on the Permian’s Delaware Basin in Winkler and Loving Counties, Texas and Lea County, New Mexico. The Company’s net acreage in the Delaware Basin is approximately 4,433 net acres. The vertical well produces approximately 690 net million cubic feet (mcf) per day. The well holds the lease to all depths, from surface down to approximately 22,000 feet, including the Wolfcamp, Bone Springs, and Avalon formations.
