Vistra Corp. announced the pricing of a private offering (the “Offering”) of $1.25 billion aggregate principal amount of senior unsecured notes due 2029 (the “Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be senior, unsecured obligations of Vistra Operations Company LLC, a Delaware limited liability company and an indirect, wholly owned subsidiary of the Company (the “Issuer”). The Notes will bear interest at the rate of 4.375% per annum and will be fully and unconditionally guaranteed by certain of the Issuer’s current and future subsidiaries.
The Offering is expected to close on May 10, 2021, subject to customary closing conditions. The Issuer intends to use the proceeds of the Offering, together with cash on hand,
(i) to repay all amounts outstanding under the Issuer’s Term Loan A Facility, specifically the $1.25 billion 364-day term loan the Issuer raised in March and April 2021,
(ii) to pay fees and expenses related to the private Offering. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This press release does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any new securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.