secwatch.observer — SEC 8-K summary
======================================

Issuer:     Vistra Corp. (VST)
CIK:        0001692819
Form:       8-K
Filed at:   2024-01-04T23:59:59+00:00
Accession:  0001193125-24-002418
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Vistra repurchases ~74% of TRA rights for ~$476M in Series C preferred stock
----------------------------------------------------------------------------

- Repurchased 68% of outstanding TRA rights and agreed to repurchase additional 6% for ~$476M total consideration in Series C 8.875% Preferred Stock.
- Series C Preferred Stock has 8.875% dividend rate through Jan 2029, then resets at 5-year Treasury + 5.045% (floor 3.83%).
- Amended TRA removed Company's reporting obligations, limited transferability, and modified change-of-control definition.
- Series C preferred ranks senior to common, pari passu with existing Series A and B preferred, with $1,000 liquidation preference.
- Approximately 74% of TRA rights holders consented to the amendments and the transaction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692819/000119312524002418/0001193125-24-002418-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692819/000119312524002418/d694804d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-002418

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer