Bracewell Represents Lilis Energy in Series of Transactions

HOUSTON – Bracewell LLP represented Lilis Energy, Inc. (Lilis) in three separate transactions, consisting of a credit facility, an acquisition of oil and gas properties and a preferred stock issuance, all of which were announced by Lilis on January 31, 2018.

Bracewell advised Lilis on a new three-year $50 million first lien term loan provided by Riverstone Credit Partners, L.P. The new credit facility refinanced Lilis’ previously existing first lien credit facility and has additional uncommitted availability of up to $30 million.

Bracewell acted as corporate and securities counsel to Lilis on its agreement to acquire from OneEnergy Partners, LLC (OEP) approximately 2,798 net acres located in the Delaware Basin in Lea County, New Mexico. The $70 million purchase price for the transaction consists of $40 million cash and $30 million of Lilis’ common stock.  The transaction is expected to close in March 2018, subject to customary closing conditions.

Bracewell also represented Lilis in the sale of shares of a new series of its convertible preferred stock to certain private funds affiliated with Värde Partners, Inc. for gross proceeds of $100 million. Lilis intends to fund the cash portion of the consideration for the OEP acquisition with proceeds from the preferred stock issuance.

Bracewell lawyers involved in these transactions included:

Partners: Charles H. Still, Jr. and Rebecca Keep

Associates: Anna K. Miller, William H. Ebert, Emily A. Banse and Kathy Witty Medford