---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-171828"
form_type: "8-K"
ticker: "VST"
cik: "0001692819"
company_name: "Vistra Corp."
filed_at: "2023-06-22T23:59:59+00:00"
generated_at: "2026-06-13T19:07:24.499729+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-171828
- form_type: 8-K
- ticker: VST
- cik: 0001692819
- company_name: Vistra Corp.
- filed_at: 2023-06-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692819/000119312523171828/0001193125-23-171828-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692819/000119312523171828/d520634d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-171828
- JSON: https://secwatch.observer/filing/0001193125-23-171828.json
- Plain text: https://secwatch.observer/filing/0001193125-23-171828.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692819/000119312523171828/0001193125-23-171828-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.