Houston-based Lilis Energy (ticker: LLEX), an independent oil and gas E&P company in the Delaware Basin (west Texas and southwestern New Mexico), announced yesterday it closed a new five-year senior credit revolving loan facility.

The maximum borrowing amount is $500 million, with an initial borrowing base of $95 million. The initial borrowing base can be expanded in the future.

According to a presentation by Lilis, and concurrent with the closing of RBL, it has two other transaction developments:

Lilis will issue a tack-on of $25 million onto the Series C preferred equity.

Lilis entered into Series C on January 30, 2018, when it sold 100,000 shares of preferred stock (Series C) to Purchasers for a purchase price of $1,0...

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