---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-240234"
form_type: "8-K"
ticker: "VST"
cik: "0001692819"
company_name: "Vistra Corp."
filed_at: "2025-10-15T23:59:59+00:00"
generated_at: "2026-05-17T03:45:24.983665+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-240234
- form_type: 8-K
- ticker: VST
- cik: 0001692819
- company_name: Vistra Corp.
- filed_at: 2025-10-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1692819/000119312525240234/0001193125-25-240234-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1692819/000119312525240234/d50483d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-240234
- JSON: https://secwatch.observer/filing/0001193125-25-240234.json
- Plain text: https://secwatch.observer/filing/0001193125-25-240234.txt

## Key facts
- Debt Financings
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1692819/000119312525240234/0001193125-25-240234-index.htm

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