Vistra subsidiary sells $450M P-Caps to fund trust for collateral and future note issuance

Vistra Corp.

Palomino Funding Trust I sold 450,000 P-Caps at $1,000 each for $450M total to qualified institutional buyers.
Proceeds invested in U.S. Treasury securities; Vistra Operations has right to issue up to $450M of 7.233% Senior Secured Notes due 2028.
P-Caps mature May 17, 2028; note interest payable semi-annually, redeemable at 101% on change-of-control events.
Facility includes a 3.3608% p.a. facility fee on unexercised Issuance Right, with mandatory exercise triggers including net worth below $1.5B.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Vistra Corp. entered into Facility Agreement with Palomino Funding Trust I, The Bank of New York Mellon Trust Company, N.A., as senior secured notes trustee valued at $450 million (effective 2023-06-15).

Action: entry
Agreement: credit facility
Counterparty: Palomino Funding Trust I, The Bank of New York Mellon Trust Company, N.A., as senior secured notes trustee
Value: $450 million
Effective: 2023-06-15

Exact text from the filing

Vistra Operations and the subsidiary guarantors named therein entered into a facility agreement, dated June 15, 2023 (the “Facility Agreement”), with the Trust and the Bank of New York Mellon Trust Company, N.A., as senior secured notes trustee

View on SEC.gov

Browse all material agreements →

Vistra Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-171828

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.