Press Release

Kirkland Advises Värde on Exchange of $68 Million of Second Lien Loan and $25 Million Preferred Equity Offering with Lilis

Kirkland & Ellis LLP counseled Värde Partners (Värde) on the exchange of approximately $68 million in existing second lien term loan debt of Lilis Energy, Inc. (Lilis; NYSE American: LLEX) held by Värde for a combination of a new series of preferred equity and common equity in Lilis, an exploration and development company operating in the Permian Basin of west Texas and southeastern New Mexico. In connection with the exchange, Värde and Lilis entered into a $25 million tack-on to an existing series of preferred equity in Lilis. Lilis also announced that it 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.

Read the Lilis press release.

The Kirkland team was led by debt finance partners Lucas Spivey and Ryan Copeland and associate Scott Reid; corporate partners Shubi Arora, Jhett Nelson and associates Will Mabry and Randy Santa Ana; capital markets partner Julian Seiguer and associate Bryce Gray; and tax partners Mark Dundon and Lane Morgan.