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Varde Fund XII UGP, LLC 3

Accession 0000899243-17-012303

CIK 0001437557other

View on SEC.gov Company Profile

Filed

May 7, 8:00 PM ET

Accepted

May 8, 6:04 PM ET

Size

33.0 KB

Accession

0000899243-17-012303

Insider Transaction Report

Form 3

Period: 2017-04-26

LILIS ENERGY, INC.LLEX

Varde Investment Partners (Offshore) Master, L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)

Varde Fund VI-A, L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)

Varde Fund XI G.P., LLC

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)

Varde Fund XII UGP, LLC

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)

Varde Skyway fund G.P., LLC

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)

Varde Fund XII (Master), L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)

Varde Fund XII G.P., L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)

Hicks George G

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)

Varde Skyway Master Fund, L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)

Varde Fund XI (Master), L.P.

10% Owner

Holdings

Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (5,193,484 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (749,060 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (374,530 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (848,934 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (3,695,363 underlying)
Convertible Debt
(indirect: See footnotes)
Exercise: $5.50From: 2017-04-26Exp: 2021-04-26→ Common Stock, $0.001 par value (1,622,964 underlying)

Footnotes (12)

[F1]On April 26, 2017, Lilis Energy, Inc. (the "Issuer") entered into a Credit Agreement (the "Credit Agreement") among the Issuer, certain subsidiaries of the Issuer, as guarantors, and the lenders, including The Varde Fund XI (Master), L.P., The Varde Fund XII (Master), L.P., The Varde Skyway Master Fund, L.P., The Varde Fund VI-A, L.P., Varde Investment Partners, L.P. and Varde Investment Partners (Offshore) Master, L.P. (collectively, the "Lenders"). Pursuant to the Credit Agreement, the Lenders extended a second lien term loan facility of $125,000,000 consisting of $80,000,000, which was drawn on the closing date (the "Initial Term Loan") and, subject to certain conditions, up to $45,000,000 in additional term loans. The term loans mature on April 26, 2021, and bear interest at a rate of 8.25% per annum, payable quarterly.
[F10]Varde Partners, L.P. ("Managing Member") is the managing member of each of Fund XI GP, Fund XII UGP, Skyway Fund GP and VIP GP. Varde Partners, Inc. ("General Partner") is the general partner of the Managing Member. Following the transaction described above, George G. Hicks may be deemed to beneficially own all of the securities which may be acquired upon conversion of the Initial Term Loan because, as the chief executive officer of the General Partner, he may be deemed to have voting and/or dispositive power over such securities.
[F11]Due to limitations of the electronic filing system, certain Reporting Persons are filing a separate Form 3.
[F12]Each of the Reporting Persons (other than to the extent it directly holds securities reported herein) disclaims beneficial ownership of the securities held by the other Reporting Persons, except to the extent of such Reporting Person's pecuniary interest therein, and, pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, each of the Reporting Persons (other than to the extent it directly holds securities reported herein) states that the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
[F2](Continued from footnote 1) 70% of the aggregate principal amount of the Initial Term Loan, plus accrued and unpaid interest to the conversion date and a "make-whole" premium is convertible, at the Lenders' option, into a number of the Issuer's shares of common stock at a conversion price (subject to adjustment) of $5.50 per share. Prior to the receipt of the approval of requisite approval of the Issuer's shareholders under the relevant rules of the primary exchange on which the Issuer's common stock is listed, the amount of the shares issuable pursuant to any conversion of the Initial Term Loan is limited to an amount which would not result in any Lender, together with its affiliates and the other members of any "group" (as such term is used in sections 13(d) and 14(d) of the Exchange Act) including such Lender, owning in excess of 19.999% of the outstanding common stock of the Issuer.
[F3]The amount reported reflects the maximum amount of shares issuable upon conversion of the Initial Term Loan subject to the beneficial ownership limitation described above.
[F4]Reflects securities held directly by The Varde Fund XI (Master), L.P. ("Fund XI"). The Varde Fund XI G.P., LLC ("Fund XI GP") is the general partner of Fund XI.
[F5]Reflects securities held directly by The Varde Fund XII (Master), L.P. ("Fund XII"). The Varde Fund XII G.P., L.P. ("Fund XII GP") is the general partner of Fund XII, and The Varde Fund UGP, LLC ("Fund XII UGP") is the general partner of Fund XII GP.
[F6]Reflects securities held directly by The Varde Skyway Master Fund, L.P. ("Skyway Fund"). The Varde Skyway Fund G.P., LLC ("Skyway Fund GP") is the general partner of Skyway Fund.
[F7]Reflects securities held directly by Varde Investment Partners (Offshore) Master, L.P. ("VIP Offshore"). Varde Investment Partners G.P., LLC ("VIP GP") is the general partner of VIP Offshore.
[F8]Reflects securities held directly by The Varde Fund VI-A, L.P. ("Fund VI-A"). VIP GP is the general partner of Fund VI-A.
[F9]Reflects securities held directly by Varde Investment Partners, L.P. ("VIP"). VIP GP is the general partner of Fund VIP.

Documents

1 file

3
doc3.xmlPrimary
FORM 3 SUBMISSION

Issuer

LILIS ENERGY, INC.

CIK 0001437557

→

Entity typeother

IncorporatedDE

Related Parties

filerCIK 0001704967

Filing Metadata

Form type: 3
Filed: May 7, 8:00 PM ET
Accepted: May 8, 6:04 PM ET
Size: 33.0 KB

View on SEC.gov