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
LILIS ENERGY (LLEX)
Last lilis energy earnings: 11/7 05:24 pm
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US:NASDAQ Investor Relations:
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Source: GlobeNewswire
HOUSTON, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of west Texas and southeastern New Mexico, today announced the Company has entered into a five-year, $500 million credit agreement. The credit agreement provides for a senior secured reserve based revolving credit facility with an initial borrowing base of $95 million. The credit facility matures on October 10, 2023 and is secured by substantially all of the Company’s assets. The credit facility is led by BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers; BMO Harris Bank, N.A. as Administrative Agent; SunTrust Bank as Syndication Agent; Capital One, N.A. as Documentation Agent, and Credit Suisse AG. The Company also announced the exchange of approximately $68 million of the existing second lien term debt to equity, in connection with the new credit facility. HIGHLIGHTS Initial borrowing base
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