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Debt, Credit Facilities, and Financings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Amounts in the table below represent the categories of debt obligations incurred by the Company.
December 31,
20242023
(in millions)
Long-term debt, including amounts due currently:
Project-level debt
$1,064 $— 
Vistra Operations debt
15,405 14,517 
Long-term debt before unamortized premiums, discounts, and issuance costs
16,469 14,517 
Unamortized premiums, discounts, and issuance costs
(171)(115)
Long-term debt including debt due currently
$16,298 $14,402 
Accounts receivable financing
$750 $— 
Forward repurchase obligation
$1,335 $— 
Schedule of Long-Term Debt Instruments
Amounts in the table below represent the categories of long-term debt obligations, including amounts due currently, incurred by the Company.
December 31,
20242023
(in millions)
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030$2,475 $2,500 
BCOP Credit Facility, Tax Credit Bridge Loan due November 1, 2025 / December 3, 2026367 — 
Vistra Zero Credit Facility, Term Loan B Facility due April 30, 2031697 — 
Vistra Operations Senior Secured Notes:
4.875% Senior Secured Notes, due May 13, 2024
— 400 
3.550% Senior Secured Notes, due July 15, 2024
— 1,500 
5.125% Senior Secured Notes, due May 13, 2025
744 1,100 
5.050% Senior Secured Notes, due December 30, 2026
500 — 
3.700% Senior Secured Notes, due January 30, 2027
800 800 
4.300% Senior Secured Notes, due July 15, 2029
800 800 
6.950% Senior Secured Notes, due October 15, 2033
1,050 1,050 
6.000% Senior Secured Notes, due April 15, 2034
500 — 
5.700% Senior Secured Notes, due December 30, 2034
750 — 
Total Vistra Operations Senior Secured Notes5,144 5,650 
Energy Harbor Revenue Bonds:
3.375% Revenue Bond, due August 1, 2029
100 — 
4.750% Revenue Bond, due June 1, 2033 and July 1, 2033
285 — 
3.750% Revenue Bond, due October 1, 2047
46 — 
Total Energy Harbor Revenue Bonds
431 — 
Vistra Operations Senior Unsecured Notes:
5.500% Senior Unsecured Notes, due September 1, 2026
1,000 1,000 
5.625% Senior Unsecured Notes, due February 15, 2027
1,300 1,300 
5.000% Senior Unsecured Notes, due July 31, 2027
1,300 1,300 
4.375% Senior Unsecured Notes, due May 15, 2029
1,250 1,250 
7.750% Senior Unsecured Notes, due October 15, 2031
1,450 1,450 
6.875% Senior Unsecured Notes, due April 15, 2032
1,000 — 
Total Vistra Operations Senior Unsecured Notes7,300 6,300 
Other:
Equipment Financing Agreements55 67 
Total other long-term debt55 67 
Unamortized debt premiums, discounts, and issuance costs(171)(115)
Total long-term debt including amounts due currently16,298 14,402 
Less amounts due currently(880)(2,286)
Total long-term debt less amounts due currently$15,418 $12,116 
Schedule of Maturities of Long-Term Debt
Long-term debt maturities at December 31, 2024 are as follows:
December 31, 2024
(in millions)
2025$885 
20261,792 
20273,427 
202827 
20292,177 
Thereafter8,161 
Unamortized premiums, discounts, and debt issuance costs(171)
Total long-term debt, including amounts due currently$16,298 
Schedule of Line of Credit Facilities
Our credit facilities and related available capacity at December 31, 2024 are presented below.
December 31, 2024
Credit FacilitiesMaturity DateFacility
Limit
Cash
Borrowings
(Long-Term Debt, Including Amounts Due Currently)
Letters of Credit OutstandingAvailable
Capacity
(in millions)
Vistra Operations debt:
Revolving Credit FacilityOctober 11, 2029$3,440 $— $1,278 $2,162 
Term Loan B-3 FacilityDecember 20, 20302,475 2,475 — — 
Total Vistra Operations Credit Facilities$5,915 $2,475 $1,278 $2,162 
Vistra Operations Commodity-Linked FacilityOctober 1, 20251,750 — — 771 
Total Vistra Operations debt$7,665 $2,475 $1,278 $2,933 
Project-level debt:
Tax Credit Bridge LoanNovember 1, 2025106 106 — — 
Tax Credit Bridge LoanDecember 3, 2026261 261 — — 
BCOP Credit Facility367 367 — — 
Vistra Zero Term Loan B Facility (a)April 30, 2031697 697 — — 
Total project-level debt$1,064 $1,064 $— $— 
Total credit facilities$8,729 $3,539 $1,278 $2,933 
____________
(a)Vistra Zero Operations' obligations under the Vistra Zero Credit Agreement are guaranteed by subsidiaries of Vistra Zero Operations, but are otherwise non-recourse to Vistra Operations and its other subsidiaries.
These amounts reflect the following transactions and amendments completed in 2024:
Amendment Date
Key Changes
December 2024
Lowered fixed spread on Term Loan B-3 Facility borrowings from 2.00% to 1.75%
October 2024
Increased Revolving Credit Facility commitments from $3.175 billion to $3.440 billion
Extended the maturity date of the Revolving Credit Facility to October 11, 2029
These amounts reflect the following amendment completed in 2024:
Amendment Date
Key Changes
October 2024
Increased the aggregate available commitments to $1.75 billion
Extended the maturity date to October 1, 2025
These amounts reflect the following amendment completed in 2024:
Amendment Date
Key Changes
December 2024
Lowered the fixed spread interest applicable to the Term Loan B Facility from 2.75% to 2.00%
Removed required scheduled quarterly payment requirements
Schedule of Repurchase Obligation Payments remaining due to Nuveen are as follows:
December 31, 2024
(in millions)
2025$781 
2026669 
Thereafter— 
Total scheduled payments under the UPAs$1,450 
Schedule of Debt Instrument Redemption
A roll-forward of the noncontrolling interest redemption obligation is as follows (in millions):
Redeemable noncontrolling interest at September 30, 2024
$3,198 
Income attributable to redeemable noncontrolling interest (a)
51 
Dividends to redeemable noncontrolling interest holders
(165)
Redeemable noncontrolling interest balance at Closing Date (b)
3,084 
Principal payment on Closing Date
(1,749)
Forward Repurchase Obligation at December 31, 2024 (c)
$1,335 
____________
(a)Represents accretion attributable to fixed price redemption obligation.
(b)Reclassified to a financing obligation.
(c)Fair value of the remaining payment obligations to Nuveen discounted at 6%.
Schedule of Interest Expense and Related Charges
Interest Expense and Related Charges
Year Ended December 31,
202420232022
(in millions)
Interest expense$936 $654 $591 
Unrealized mark-to-market net (gains) losses on interest rate swaps(53)36 (250)
Amortization of debt issuance costs, discounts, and premiums34 26 28 
Facility Fee expense15 8 — 
Debt extinguishment gain(6)(3)(1)
Capitalized interest(77)(37)(29)
Other51 56 29 
Total interest expense and related charges$900 $740 $368