Lilis Energy, Inc. announced that it has signed a new $50 million first lien term loan with Riverstone Credit Partners, L.P. The new credit facility will have additional availability of up to an additional $30 million which will be uncommitted at closing. The new credit facility will mature in three years, will be issued at an original issue discount of 1%, will carry a floating interest rate of LIBOR plus 6.75% (subject to a 1% LIBOR floor) and will be subject to call protection.

The company plans to use approximately $30 million of the proceeds received at closing to repay and retire its existing first lien credit facility, which is scheduled to mature in October 2018.  Remaining proceeds and additional availability under the new credit facility may be used for developmental drilling activities, future accretive acquisitions and general corporate purposes.

"We are very pleased to have the opportunity to partner with Riverstone in this new credit facility and to retire our existing first lien debt," said Joseph Daches, Chief Financial Officer of the Company.  "By completing this transaction, we will reduce our cost of capital while adding additional liquidity to the balance sheet.  We remain focused on de-risking and delineating our acreage and are thrilled to be partnering with Riverstone to do so."

"Lilis has a great management team and an attractive asset base in the Delaware Basin, and we are pleased at the opportunity to provide this strategic capital," said Christopher Abbate, Managing Director at RCP.  "We are excited to partner with Lilis and look forward to working with them to continue creating value for all stakeholders."

Johnson Rice & Co. served as financial advisor to the company and Bracewell LLP acted as legal counsel in the negotiation and execution of the new credit facility. Legal counsel for RCP was the Houston office of Simpson Thacher & Bartlett LLP.