Lilis Energy Inc.
Description
Lilis Energy Inc. announced that the company has entered into definitive agreements for a transformational recapitalization of its balance sheet. In the transaction, which is expected to close later today, the company will exchange its outstanding second lien term loan for a combination of preferred and common stock. Concurrent with the exchange and the regularly scheduled spring redetermination, Lilis increased the borrowing base under its revolving credit facility to $125MM. The company has provided a presentation detailing the transaction on its website.