Vistra Corp Raises Funds Through Bond Issuance to Refinance Debt
Vistra Corp has announced a private offering of unsecured senior notes aimed at qualified institutional investors and certain non-U.S. investors. The proceeds will be used to repay existing debts, for general corporate purposes, or for expenses related to the operation.
Details of the Senior Notes
The senior notes will be unsecured and unregistered obligations of Vistra Operations Company LLC, a wholly-owned indirect subsidiary of Vistra Corp. They will be backed by an unconditional guarantee from certain current and future subsidiaries of the group that also guarantee Vistra's credit agreement dated October 2016. The issuance targets qualified institutional buyers under Rule 144A of the Securities Act of 1933, as well as certain non-U.S. investors in accordance with Regulation S.
Use of Proceeds
Vistra plans to use the raised funds to repay or redeem existing debt, including its senior notes due in 2027 and/or its B-3 category bridge loan, for general corporate purposes, or to cover the costs and expenses related to the operation. The company commits to filing a registration statement with the SEC for a registered exchange offer of the notes for new notes with substantially similar terms, or alternatively, to register the resale of the notes.
