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4//SEC Filing

VARDE PARTNERS INC 4

Accession 0000899243-17-026812

CIK 0001437557other
View on SEC.govCompany Profile

Filed

Nov 16, 7:00 PM ET

Accepted

Nov 17, 5:04 PM ET

Size

28.4 KB

Accession

0000899243-17-026812

Insider Transaction Report

Form 4
Period: 2017-11-15
LILIS ENERGY, INC.LLEX
Varde Investment Partners G.P., LLC
10% Owner
Transactions
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+324,437$1,784,404→ 1,016,400 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (324,437 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,156,553$6,361,042→ 5,014,240 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,156,553 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,625,426$8,939,843→ 7,047,040 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,625,426 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+117,219$644,705→ 508,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (117,219 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+507,946$2,793,703→ 2,202,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (507,946 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+265,695$1,461,323→ 1,151,920 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (265,695 underlying)
VARDE PARTNERS LP
10% Owner
Transactions
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+324,437$1,784,404→ 1,016,400 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (324,437 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+117,219$644,705→ 508,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (117,219 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,625,426$8,939,843→ 7,047,040 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,625,426 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,156,553$6,361,042→ 5,014,240 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,156,553 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+265,695$1,461,323→ 1,151,920 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (265,695 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+507,946$2,793,703→ 2,202,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (507,946 underlying)
VARDE PARTNERS INC
10% Owner
Transactions
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,156,553$6,361,042→ 5,014,240 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,156,553 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+117,219$644,705→ 508,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (117,219 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+507,946$2,793,703→ 2,202,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (507,946 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+265,695$1,461,323→ 1,151,920 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (265,695 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,625,426$8,939,843→ 7,047,040 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,625,426 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+324,437$1,784,404→ 1,016,400 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (324,437 underlying)
VARDE INVESTMENT PARTNERS LP
10% Owner
Transactions
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,156,553$6,361,042→ 5,014,240 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,156,553 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+324,437$1,784,404→ 1,016,400 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (324,437 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+265,695$1,461,323→ 1,151,920 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (265,695 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+1,625,426$8,939,843→ 7,047,040 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (1,625,426 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+507,946$2,793,703→ 2,202,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (507,946 underlying)
  • Other

    Convertible Debt

    2017-11-15$5.50/sh+117,219$644,705→ 508,200 total(indirect: See footnotes)
    Exercise: $5.50From: 2017-11-15Exp: 2021-04-26→ Common Stock, $0.001 par value (117,219 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 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 initially consisting of $80,000,000. On November 15, 2017, the Issuer borrowed an additional $25 million of delayed draw term loans made available for borrowing pursuant to an amendment to the Credit Agreement. 70% of the aggregate principal amount of the term loans, plus accrued and unpaid interest to the conversion date and a "make-whole" premium is convertible,
  • [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 4.
  • [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) 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.
  • [F3]The amount reported reflects the amount of shares of Common Stock issuable upon conversion of the additional $25 million of delayed draw terms loans.
  • [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 XII 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

Issuer

LILIS ENERGY, INC.

CIK 0001437557

→
Entity typeother
IncorporatedDE

Related Parties

1
  • filerCIK 0001054846

Filing Metadata

Form type
4
Filed
Nov 16, 7:00 PM ET
Accepted
Nov 17, 5:04 PM ET
Size
28.4 KB
View on SEC.gov