Vistra upsizes debt offerings to $750M and cash tender offer to $750M to refinance near-term maturities

Vistra Corp.

Issued $400M 6.950% senior secured notes due 2033 and $350M 7.750% senior unsecured notes due 2031; priced at 102.177% and 102% of face value.
Launched tender offers for up to $750M aggregate principal of 3.55% 2024, 4.875% 2024, and 5.125% 2025 senior secured notes.
Tender offer upsized from $500M to $750M; offerings proceeds plus cash on hand will fund the repurchases.
Early tender premium of $30 per $1,000; early tender deadline Dec. 22, 2023; settlement expected Jan. 2, 2024.
Financing condition: must receive at least $500M gross proceeds from the offerings to close tender offers.

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 Purchase Agreements with Citigroup Global Markets Inc., as representative of the several initial purchasers valued at $400 million aggregate principal amount of the Issuer's 6.950% senior secured notes due 2033 and $35 (effective 2023-12-11).

Action: entry
Agreement: notes offering
Counterparty: Citigroup Global Markets Inc., as representative of the several initial purchasers
Value: $400 million aggregate principal amount of the Issuer's 6.950% senior secured notes due 2033 and $35
Effective: 2023-12-11

Exact text from the filing

On December 11, 2023, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect wholly owned subsidiary of Vistra Corp. (the “Company”), entered into purchase agreements (together, the “Purchase Agreements”) by and among the Issuer, certain subsidiaries of the Issuer that are guarantors under the Credit Agreement (as defined below) (together with such other subsidiaries that become guarantors from time to time, the “Subsidiary Guarantors”), and Citigroup Global Markets Inc., as representative of the several initial purchasers named in Schedules I thereto (the “Initial Purchasers”), in connection with the offer and sale by the Issuer, and the purchase by the Initial Purchasers, of $400 million aggregate principal amount of the Issuer’s 6.950% senior secured notes due 2033 (the “Secured Notes”)

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Vistra Corp. filing history →

Source: SEC EDGAR

accession 0001193125-23-296717

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