Kirkland Counsels Varde on its $125 Million Loan Facility for Lilis Energy
Kirkland & Ellis LLP represented certain private funds affiliated with Varde Partners, Inc. (Varde) in their $125 million convertible second lien term loan facility for Lilis Energy, Inc. (NASDAQ: LLEX), an exploration and development company operating in the Permian Basin of West Texas, that closed on $140 million in new financings. The company’s new financings also include an additional $15 million in the form of incremental term loans under Lilis's existing first lien credit facility. The funds will be used to fuel the company's continued expansion in the Permian Basin through leasing activity and acquisitions, as well as to fund Lilis's drilling program. Additionally, the funds will be used to repay approximately $38 million of the company's existing debt, as well as for general corporate purposes. The full release is available here.
The Kirkland team was led by debt finance partner Lucas Spivey and associates Ryan Copeland, John Zarbock; capital markets partner Justin Hoffman and associate Christopher Fox; tax partner Chad McCormick and associate Joe Tobias; employee benefits partner Alexandra Mihalas; environmental transactions partner Paul Tanaka; and antitrust partner Ellen Jakovic.
