VST 8-K: Vistra closes $2B senior secured note offering with three tranches due 2028, 2030, 2035

Vistra closes $2B senior secured note offering with three tranches due 2028, 2030, 2035

Vistra Corp.

Issued $750M of 4.300% notes due 2028, $500M of 4.600% notes due 2030, and $750M of 5.250% notes due 2035.

Net proceeds of approximately $1.979B after fees and expenses; interest payable semiannually starting April 15, 2026.

Proceeds to support refinancing activities, general corporate purposes, and potentially fund the Lotus acquisition.

Notes are secured by a first-priority lien on substantially all assets of Vistra Operations and subsidiary guarantors.

Collateral may be released if Vistra achieves investment-grade rating from two of three major rating agencies.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Vistra Corp. incurred senior notes of $2 billion aggregate principal amount with private placement qualified institutional buyers at 4.300% per annum on the 2028 Notes, 4.600% per annum on the 2030 Notes, 5.250% p maturing October 15, 2028 for the 2028 Notes, October 15, 2030 for the 2030 Notes, October 15, 2035 for the 2035 Notes.

Instrument: senior notes
Principal: $2 billion aggregate principal amount
Counterparty: private placement qualified institutional buyers
Rate: 4.300% per annum on the 2028 Notes, 4.600% per annum on the 2030 Notes, 5.250% p
Maturity: October 15, 2028 for the 2028 Notes, October 15, 2030 for the 2030 Notes, October 15, 2035 for the 2035 Notes
Event: incurrence

Exact text from the filing

On October 10, 2025, Vistra Operations Company LLC ("Vistra Operations" or the "Issuer"), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the "Company" or "Vistra"), completed its previously announced private offering (the "Offering") of $2 billion aggregate principal amount of the Issuer's senior secured notes, consisting of $750 million aggregate principal amount of 4.300% senior secured notes due 2028 (the "2028 Notes"), $500 million aggregate principal amount of the Issuer's 4.600% senior secured notes due 2030 (the "2030 Notes"), and $750 million aggregate principal amount of the Issuer's 5.250% senior secured notes due 2035 (the "2035 Notes" and, together with the 2028 Notes and the 2030 Notes, the "Secured Notes").

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