0001193125-23-305934.txt : 20231229 0001193125-23-305934.hdr.sgml : 20231229 20231229154936 ACCESSION NUMBER: 0001193125-23-305934 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20231222 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231229 DATE AS OF CHANGE: 20231229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vistra Corp. CENTRAL INDEX KEY: 0001692819 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 364833255 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38086 FILM NUMBER: 231527530 BUSINESS ADDRESS: STREET 1: 6555 SIERRA DRIVE CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 214-812-4600 MAIL ADDRESS: STREET 1: 6555 SIERRA DRIVE CITY: IRVING STATE: TX ZIP: 75039 FORMER COMPANY: FORMER CONFORMED NAME: Vistra Energy Corp. DATE OF NAME CHANGE: 20180201 FORMER COMPANY: FORMER CONFORMED NAME: Vistra Energy Corp DATE OF NAME CHANGE: 20161221 8-K 1 d661803d8k.htm 8-K 8-K
false 0001692819 0001692819 2023-12-22 2023-12-22 0001692819 us-gaap:CommonStockMember 2023-12-22 2023-12-22 0001692819 us-gaap:WarrantMember 2023-12-22 2023-12-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 22, 2023

 

 

VISTRA CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-38086   36-4833255

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

6555 Sierra Drive

Irving, TX

  75039
(Address of principal executive offices)   (Zip Code)

(214) 812-4600

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading

Symbol(s)

 

Name of Each Exchange

on Which Registered

Common stock, par value $0.01 per share   VST   New York Stock Exchange
Warrants   VST.WS.A   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 1.01.

Entry into a Material Definitive Agreement.

As previously announced by Vistra Corp. (the “Company”) in its Current Report on Form 8-K filed on December 15, 2023 with the U.S. Securities and Exchange Commission, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of the Company, entered into purchase agreements, dated December 11, 2023, by and among Vistra Operations, Citigroup Global Markets Inc. as representative of the several initial purchasers named in Schedule I thereto (the “Initial Purchasers”) and certain subsidiaries of the Issuer that are guarantors under that certain credit agreement, dated as of October 3, 2016, by and among the Issuer, Vistra Intermediate Company LLC, the guarantors party thereto, Credit Suisse AG, Cayman Islands Branch (as successor to Deutsche Bank AG New York Branch), as administrative and collateral agent, various lenders and letter of credit issuers party thereto, and the other parties named therein (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”) (together with such other subsidiaries that become guarantors from time to time, the “Subsidiary Guarantors”), in connection with the offer and sale by the Issuer, and the purchase by the Initial Purchasers, of $400 million aggregate principal amount of the Issuer’s 6.950% senior secured notes due 2033 (the “Secured Notes”), which form a part of the same series as the Issuer’s outstanding 6.950% Senior Secured Notes due 2033 issued on September 26, 2023, in a private offering (the “Secured Offering”) and $350 million aggregate principal amount of the Issuer’s 7.750% senior unsecured notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), which form a part of the same series as the Issuer’s outstanding 7.750% Senior Notes due 2031 issued on September 26, 2023, in a concurrent private offering (the “Unsecured Offering” and, together with the Secured Offering, the “Offerings”).

The Offerings closed on December 22, 2023, following the satisfaction of customary closing conditions. The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

The Issuer received approximately $759 million of net proceeds from the sale of the Notes after deducting fees and expenses, including the Initial Purchasers’ commissions, and adding the Initial Purchasers’ premiums paid (but excluding accrued interest on the Notes). The Company will use the net proceeds of the Offerings, together with cash on hand, to (i) pay the purchase price of $750 million (excluding accrued interest on the Tender Offer Notes (as defined below)) pursuant to the Issuer’s acceptance for purchase and cancellation of $345,308,000 aggregate principal amount of its 3.550% Senior Secured Notes due 2024 (“3.550% 2024 Notes”), $58,201,000 aggregate principal amount of its 4.875% Senior Secured Notes due 2024 (“4.875% 2024 Notes”), and $355,693,000 aggregate principal amount of its 5.125% Senior Secured Notes due 2025 (“5.125% 2025 Notes”, and together with 3.55% 2024 Notes and 4.875% 2024 Notes, the “Tender Offer Notes”) as announced on December 26, 2023, subject to the terms and conditions set forth in the Offer to Purchase dated December 11, 2023 (“Offer to Purchase”), (ii) pay any fees and expenses related to the Offerings and the Tender Offers, and (iii) the remainder, if any, for general corporate purposes.

The Secured Notes were issued under an indenture (the “Base Indenture”), dated as of June 11, 2019, by and between the Issuer and Wilmington Trust, National Association, as trustee (the “Trustee”), as supplemented by that certain Fourteenth Supplemental Indenture, dated as of September 26, 2023, by and among the Issuer, the Subsidiary Guarantors and the Trustee (the “Fourteenth Supplemental Indenture” and, together with the Base Indenture and such other supplemental indentures entered into from time to time, the “Secured Notes Indenture”). The Unsecured Notes were issued under an indenture, dated as of September 26, 2023, by and among the Issuer, the Subsidiary Guarantors and the Trustee (the “Unsecured Notes Indenture” and, together with the Secured Notes Indenture, the “Indentures”).The Indentures provide for the full and unconditional guarantee by the Subsidiary Guarantors of the punctual payment of the principal of, premium, if any, interest on and all other amounts due under the Notes and the Indentures. The Secured Notes Indenture further provides that the Secured Notes will be secured by a first-priority security interest in the same collateral that is pledged for the benefit of the lenders under the Credit Agreement, which consists of a substantial portion of the property, assets and rights owned by the Issuer and the Subsidiary Guarantors, as well as the stock of the Issuer. The collateral securing the Secured Notes will be released if the Issuer’s senior, unsecured long-term debt securities obtain an investment grade rating from two out of the three rating agencies, subject to reversion if such rating agencies withdraw the investment grade rating of the Issuer’s senior, unsecured long-term debt securities or downgrade such rating below investment grade.

Interest on the Secured Notes and the Unsecured Notes will accrue from September 26, 2023, at a rate of 6.950% per annum and 7.750% per annum, respectively. Interest on the Notes will be payable by the Issuer on April 15 and October 15 of each year, beginning on April 15, 2024. At closing, the Initial Purchasers paid to the Company accrued interest from September 26, 2023 to, but excluding, the issue date of December 22, 2023. The Secured Notes and the Unsecured Notes will mature on October 15, 2033 and October 15, 2031, respectively.

At any time prior to July 15, 2033, the Issuer will have the option to redeem all or any portion of the Secured Notes at a redemption price equal to 100% of the aggregate principal amount of the applicable Secured Notes being redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after July 15, 2033, the Issuer will have the option to redeem all or any portion of the Secured


Notes at a redemption price equal to 100% of the aggregate principal amount of the applicable Secured Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

At any time prior to October 15, 2026, the Issuer will have the option to redeem all or any portion of the Unsecured Notes at a redemption price equal to 100% of the aggregate principal amount of the applicable Unsecured Notes being redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after October 15, 2026, the Issuer may redeem all or any portion of the Unsecured Notes at various redemption prices set forth in the Unsecured Notes Indenture. In addition, prior to October 15, 2026, the Issuer may also redeem up to 40% of the Unsecured Notes at a price equal to 107.750% of the aggregate principal amount of the Unsecured Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, using the proceeds of one or more qualifying equity offerings.

Upon (i) the occurrence of a change of control and (ii) a downgrade by one or more gradations, or the withdrawal, in either case, of the rating of the Notes within 60 days after the change of control by at least two of Moody’s Investors Service, Inc., Standard & Poor’s Financial Services LLC or Fitch Ratings Inc., the Issuer will be required to make an offer to repurchase all or any portion of the outstanding Notes at a price in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date, subject to the rights of holders thereof on the relevant record date to receive interest due on the relevant interest payment date.

The Indentures contain certain covenants and restrictions, including, among others, restrictions on the ability of the Issuer and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets.

The foregoing description of the Indentures and the Notes does not purport to be complete and is qualified in its entirety by reference to the Fourteenth Supplemental Indenture (which supplements the Base Indenture), the Unsecured Notes Indenture and the forms of the Notes, copies of which were previously filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5 and 4.6 to the Company’s Current Report on Form 8-K filed on October 2, 2023 and are incorporated by reference herein.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Current Report concerning the Company’s direct financial obligations under the Offerings is incorporated by reference herein.

 

Item 8.01.

Other Events.

On December 26, 2023, the Company issued a press release announcing the early results of its previously announced cash tender offers to purchase a portion of the Tender Offer Notes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

On December 26, 2023, the Company issued a press release announcing the pricing terms of its previously announced cash tender offers to purchase a portion of the Tender Offer Notes. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

This Current Report does not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any sale or purchase of securities described herein in any state in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit

    No.    

  

Description

99.1    Press Release issued by Vistra Corp., December 26, 2023.
99.2    Press Release issued by Vistra Corp., December 26, 2023.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    Vistra Corp.
Dated: December 29, 2023    

/s/ William M. Quinn

    Name:   William M. Quinn
    Title:   Senior Vice President and Treasurer
EX-99.1 2 d661803dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

LOGO

Vistra Announces Early Results of Cash Tender Offer for Senior Secured Notes

IRVING, Texas, December 26, 2023 — Vistra Corp. (NYSE: VST) (“Vistra”) announced today the results to date of its previously announced cash tender offers (the “Tender Offers”) to purchase a portion of Vistra’s outstanding 3.550% Senior Secured Notes due 2024 (“3.550% 2024 Notes”), 4.875% Senior Secured Notes due 2024 (“4.875% 2024 Notes”) and 5.125% Senior Secured Notes due 2025 (“5.125% 2025 Notes” and, together with the 3.550% 2024 Notes and 4.875% 2024 Notes, the “Notes”) up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $750,000,000 (the “Aggregate Maximum Tender Amount”), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated December 11, 2023 (the “Offer to Purchase”).

According to information received from Global Bondholder Services Corporation, the depositary and information agent for the Tender Offers, as of 5:00 p.m., New York City time, on December 22, 2023 (the “Early Tender Deadline”), Vistra had received valid tenders from the registered holders (the “Holders”) of the Notes that were not validly withdrawn as set forth in the table below.

 

Title of Notes

  

CUSIP Number (1)

   Acceptance
Priority Level (2)
     Aggregate Principal
Amount Outstanding (3)
     Aggregate
Principal Amount
of Notes
Tendered at the
Early Tender
Deadline
 

3.550% Senior Secured
Notes due 2024

  

92840V AD4;

U9226V AC1;

U9226V AG2

     1      $ 1,500,000,000      $ 345,308,000  

4.875% Senior Secured
Notes due 2024(5)

  

92840V AK8;

U9226V AJ6

     2      $ 400,000,000      $ 58,201,000  

5.125% Senior Secured
Notes due 2025

  

92840V AL6;

U9226V AK3

     3      $ 1,100,000,000      $ 577,102,000  

 

(1)

No representation is made as to the correctness or accuracy of the CUSIP Numbers listed in the Offer to Purchase (as defined above) or printed on the Notes. They are provided solely for the convenience of the Holders of the Notes.

(2)

Subject to the Aggregate Maximum Tender Amount and proration, the principal amount of each series of Notes that is purchased in the Tender Offers will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 3 being the lowest) specified in this column.

(3)

As of December 22, 2023.

The determination of the Total Consideration (as defined in the Offer to Purchase) will occur at 10:00 a.m., New York City time, on December 26, 2023. The early settlement date is expected to occur on January 2, 2024.

Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on January 10, 2024, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Deadline exceeds the Aggregate Maximum Tender Amount, Vistra does not expect to accept for purchase any tenders of Notes after the Early Tender Deadline. Any Notes tendered after the Early Tender Deadline will be promptly credited to the account of the registered holder of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.


Vistra – Press Release

December 26, 2023, Page 2

 

 

Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which were sent by Vistra to Holders of the Notes. Holders of the Notes are encouraged to read these documents as they contain important information regarding the Tender Offers.

Vistra has retained Citigroup Global Markets Inc. to act as the Lead Dealer Manager for the Tender Offers. Global Bondholder Services Corporation has been retained to serve as the Depositary and Information Agent for the Tender Offers. Questions or requests for assistance regarding the terms of the Tender Offers should be directed to Citigroup Global Markets Inc. at 388 Greenwich Street, Trading 4th Floor, New York, New York 10013, Attn: Liability Management Group, (800) 558-3745. Requests for the Offer to Purchase and other documents relating to the Tender Offers may be directed to Global Bondholder Services Corporation at 65 Broadway – Suite 404, New York, New York 10006, Attn: Corporate Actions, (212) 430-3774 (for banks and brokers) or (866) 654-2014 (for all others).

None of Vistra, its board of directors or officers, the Lead Dealer Manager, the Depositary and Information Agent, or the trustee or any of their respective affiliates is making any recommendation as to whether holders should tender any Notes in response to the Tender Offers. Holders must make their own decision as to whether to tender their Notes, and if so, the principal amount of Notes as to which action is to be taken.

The Tender Offers are only being made by, and pursuant to, the Offer to Purchase. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offers. The Tender Offers are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction. In any jurisdiction in which the Tender Offers are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of Vistra by the Lead Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Media

Meranda Cohn

214-875-8004

Media.Relations@vistracorp.com

Analysts

Meagan Horn

214-812-0046

Investor@vistracorp.com

About Vistra

Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. With operations in 20 states and the District of Columbia, Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. Learn more at https://www.vistracorp.com.


Vistra – Press Release

December 26, 2023, Page 3

 

 

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: “intends,” “plans,” “will likely,” “unlikely,” “believe,” “confident”, “expect,” “seek,” “anticipate,” “estimate,” “continue,” “will,” “shall,” “should,” “could,” “may,” “might,” “predict,” “project,” “forecast,” “target,” “potential,” “goal,” “objective,” “guidance” and “outlook”), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra’s expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives including the acquisition of Energy Harbor Corp. and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the ability of Vistra to consummate the transaction with Energy Harbor Corp., successfully integrate Energy Harbor Corp.’s businesses and realize the anticipated benefits of the transaction; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra’s annual report on Form 10-K for the year ended December 31, 2022 and any subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

EX-99.2 3 d661803dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

 

LOGO

Vistra Announces Pricing Terms of Cash Tender Offer for Senior Secured Notes

IRVING, Texas, December 26, 2023 — Vistra Corp. (NYSE: VST) (“Vistra”) announced today the pricing terms of its previously announced cash tender offers (the “Tender Offers”) to purchase a portion of Vistra’s outstanding 3.550% Senior Secured Notes due 2024 (“3.550% 2024 Notes”), 4.875% Senior Secured Notes due 2024 (“4.875% 2024 Notes”) and 5.125% Senior Secured Notes due 2025 (“5.125% 2025 Notes” and, together with the 3.550% 2024 Notes and 4.875% 2024 Notes, the “Notes”) up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $750,000,000 (the “Aggregate Maximum Tender Amount”), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated December 11, 2023 (the “Offer to Purchase”).

Vistra expects to accept for purchase $345,308,000 in aggregate principal amount of the 3.550% 2024 Notes, $58,201,000 in aggregate principal amount of the 4.875% 2024 Notes and $355,693,000 in aggregate principal amount of the 5.125% 2025 Notes from the registered holders (the “Holders”) of the Notes that were validly tendered and not validly withdrawn before the Early Tender Deadline (as defined below).

The “Total Consideration” for each per $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offers was determined by reference to the applicable fixed spread over the yield to maturity based on the bid side price of the applicable U.S. Treasury Security, in each case set forth in the table below, and is payable to the Holders of the Notes who validly tendered and did not validly withdraw their Notes at or before 5:00 p.m., New York City time, on December 22, 2023 (“Early Tender Deadline”) and whose Notes are accepted for purchase by Vistra. The applicable reference yields (as determined pursuant to the Offer to Purchase) listed in the table were determined at 10:00 a.m., New York City time, today, December 26, 2023, by the Lead Dealer Manager. The Total Consideration for each of the Notes includes an early tender premium of $30.00 per $1,000 principal amount of Notes validly tendered and not validly withdrawn by such Holders and accepted for purchase by Vistra.


Vistra – Press Release

December 26, 2023, Page 2

 

 

The following table sets forth certain information regarding the Notes and the Tender Offers:

 

Title of Notes

 

CUSIP
Number (1)

  Acceptance
Priority
Level (2)
   

Reference U.S.
Treasury
Security

  Reference
Yield
    Fixed Spread
(basis points)
    Total
Consideration (3) (4)
    Aggregate
Principal
Amount
Tendered (5)
    Aggregate
Principal
Amount
Expected to be
Accepted for
Purchase
 

3.550% Senior Secured
Notes due 2024

 

92840V AD4; U9226V AC1;

U9226V AG2

    1     0.375% UST
due 07/15/24
    5.161     +115     $ 985.65     $ 345,308,000     $ 345,308,000  

4.875% Senior Secured
Notes due 2024(5)

  92840V AK8; U9226V AJ6     2     0.250% UST
due 05/15/24
    5.264     +105     $ 994.73     $ 58,201,000     $ 58,201,000  

5.125% Senior Secured
Notes due 2025

 

92840V AL6;

U9226V AK3

    3     2.125% UST
due 05/15/25
    4.627     +135     $ 988.92     $ 577,102,000     $ 355,693,000  

 

(1)

No representation is made as to the correctness or accuracy of the CUSIP Numbers listed in the Offer to Purchase (as defined above) or printed on the Notes. They are provided solely for the convenience of the Holders of the Notes.

(2)

Subject to the Aggregate Maximum Tender Amount and proration, the principal amount of each series of Notes that is purchased in the Tender Offers will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 3 being the lowest) specified in this column.

(3)

Includes the Early Tender Premium.

(4)

Per $1,000 principal amount of the Notes that are tendered and accepted for purchase.

(5)

At the Early Tender Deadline.

All payments for Notes purchased in connection with the Early Tender Deadline will also include accrued and unpaid interest on the principal amount of the Notes purchased, from the last interest payment date with respect to those Notes to, but not including, the early settlement date, which is expected to occur on January 2, 2024.

Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on January 10, 2024, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Deadline exceeds the Aggregate Maximum Tender Amount, Vistra does not expect to accept for purchase any tenders of Notes after the Early Tender Deadline. Any Notes tendered after the Early Tender Deadline will be promptly credited to the account of the Holders of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.

Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which were sent by Vistra to holders of the Notes. Holders of the Notes are encouraged to read these documents as they contain important information regarding the Tender Offers.

Vistra has retained Citigroup Global Markets Inc. to act as the Lead Dealer Manager for the Tender Offers. Global Bondholder Services Corporation has been retained to serve as the Depositary and Information Agent for the Tender Offers. Questions or requests for assistance regarding the terms of the Tender Offers should be directed to Citigroup Global Markets Inc. at 388 Greenwich Street, Trading 4th Floor, New York, New York 10013, Attn: Liability Management Group, (800) 558-3745. Requests for the Offer to Purchase and other documents relating to the Tender Offers may be directed to Global Bondholder Services Corporation at 65 Broadway – Suite 404, New York, New York 10006, Attn: Corporate Actions, (212) 430-3774 (for banks and brokers) or (866) 654-2014 (for all others).


Vistra – Press Release

December 26, 2023, Page 3

 

 

None of Vistra, its board of directors or officers, the Lead Dealer Manager, the Depositary and Information Agent, or the trustee or any of their respective affiliates is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offers. Holders must make their own decision as to whether to tender their Notes, and if so, the principal amount of Notes as to which action is to be taken.

The Tender Offers are only being made by, and pursuant to, the Offer to Purchase. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offers. The Tender Offers are not being made to Holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction. In any jurisdiction in which the Tender Offers are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of Vistra by the Lead Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Media

Meranda Cohn

214-875-8004

Media.Relations@vistracorp.com

Analysts

Meagan Horn

214-812-0046

Investor@vistracorp.com

About Vistra

Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. With operations in 20 states and the District of Columbia, Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. Learn more at https://www.vistracorp.com.

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: “intends,” “plans,” “will likely,” “unlikely,” “believe,” “confident”, “expect,” “seek,” “anticipate,” “estimate,” “continue,” “will,” “shall,” “should,” “could,” “may,” “might,” “predict,” “project,” “forecast,” “target,” “potential,” “goal,” “objective,” “guidance” and “outlook”), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra’s expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives including the acquisition of Energy Harbor Corp. and to successfully integrate acquired businesses; (iii) actions by credit ratings agencies; (iv) the ability of Vistra to consummate the transaction with Energy Harbor Corp., successfully integrate Energy Harbor Corp.’s businesses


Vistra – Press Release

December 26, 2023, Page 4

 

 

and realize the anticipated benefits of the transaction; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled “Risk Factors” and “Forward-Looking Statements” in Vistra’s annual report on Form 10-K for the year ended December 31, 2022 and any subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

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Document and Entity Information
Dec. 22, 2023
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0001692819
Document Type 8-K
Document Period End Date Dec. 22, 2023
Entity Registrant Name VISTRA CORP.
Entity Incorporation State Country Code DE
Entity File Number 001-38086
Entity Tax Identification Number 36-4833255
Entity Address, Address Line One 6555 Sierra Drive
Entity Address, City or Town Irving
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75039
City Area Code (214)
Local Phone Number 812-4600
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, par value $0.01 per share
Trading Symbol VST
Security Exchange Name NYSE
Warrant [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrants
Trading Symbol VST.WS.A
Security Exchange Name NYSE
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