Debt, Credit Facilities and Financings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt, credit facilities and financing obligations on the condensed consolidated balance sheets consisted of the following:

	March 31, 2025		December 31, 2024
	(in millions)
Long-term debt, including amounts due currently:
Project-level debt	$	1,064	$	1,064
Vistra Operations debt	15,399		15,405
Long -term debt before unamortized premiums, discounts and issuance costs	16,463		16,469
Unamortized premiums, discounts and issuance costs	(158)		(171)
Long-term debt including amounts due currently	$	16,305	$	16,298
Accounts receivable financing	$	1,082	$	750
Forward repurchase obligation	$	1,355	$	1,335

Schedule of Long-Term Debt Instruments

The Company's long-term debt obligations, including amounts due currently consisted of the following:

	March 31, 2025		December 31, 2024
	(in millions)
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030	$	2,469	$	2,475
BCOP Credit Facility, Tax Credit Bridge Loan due November 1, 2025 / December 3, 2026	367		367
Vistra Zero Credit Facility, Term Loan B Facility due April 30, 2031	697		697
Vistra Operations Senior Secured Notes:
5.125% Senior Secured Notes, due May 13, 2025	744		744
5.050% Senior Secured Notes, due December 30, 2026	500		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		500
5.700% Senior Secured Notes, due December 30, 2034	750		750
Total Vistra Operations Senior Secured Notes	5,144		5,144
Energy Harbor Revenue Bonds:
3.375% Revenue Bond, due August 1, 2029	100		100
4.750% Revenue Bonds, due June 1, 2033 and July 1, 2033	285		285
3.750% Revenue Bond, due October 1, 2047	46		46
Total Energy Harbor Revenue Bonds	431		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		1,000
Total Vistra Operations Senior Unsecured Notes	7,300		7,300
Other:
Equipment Financing Agreements	55		55
Total other long-term debt	55		55
Unamortized debt premiums, discounts and issuance costs	(158)		(171)
Total long-term debt including amounts due currently	16,305		16,298
Less amounts due currently	(882)		(880)
Total long-term debt, less amounts due currently	$	15,423	$	15,418

Schedule of Maturities of Long-Term Debt

Long-term debt maturities as of March 31, 2025 are as follows:

	March 31, 2025
	(in millions)
Remainder of 2025	$	879
2026	1,792
2027	3,427
2028	27
2029	2,177
Thereafter	8,161
Unamortized premiums, discounts and debt issuance costs	(158)
Total long-term debt, including amounts due currently	$	16,305

Schedule of Line of Credit Facilities

Our credit facilities and related available capacity as of March 31, 2025 are presented below.

		March 31, 2025
Credit Facilities	Maturity Date	Facility Limit		Cash Borrowings (Long-Term Debt, Including Amounts Due Currently)		Letters of Credit Outstanding		Available Capacity
		(in millions)
Vistra Operations debt:
Revolving Credit Facility	October 11, 2029	$	3,440	$	—	$	1,223	$	2,217
Term Loan B-3 Facility	December 20, 2030	2,469		2,469		—		—
Total Vistra Operations Credit Facilities		$	5,909	$	2,469	$	1,223	$	2,217
Vistra Operations Commodity-Linked Facility	October 1, 2025	1,750		—		—		1,125
Total Vistra Operations debt		$	7,659	$	2,469	$	1,223	$	3,342
Project-level debt:
Tax Credit Bridge Loan	November 1, 2025	106		106		—		—
Tax Credit Bridge Loan	December 3, 2026	261		261		—		—
BCOP Credit Facility		367		367		—		—
Vistra Zero Term Loan B Facility (a)	April 30, 2031	697		697		—		—
Total project-level debt		$	1,064	$	1,064	$	—	$	—
Total credit facilities		$	8,723	$	3,533	$	1,223	$	3,342

___________

(a)Vistra Zero Operating's obligations under the Vistra Zero Credit Agreement are guaranteed by subsidiaries of Vistra Zero Operating but are otherwise non-recourse to Vistra Operations and its other subsidiaries.

Schedule of Repurchase Obligation

Payments remaining due to Nuveen are as follows:

	March 31, 2025
	(in millions)
Remainder of 2025	$	781
2026	669
Thereafter	—
Total scheduled payments under the UPAs	$	1,450

Schedule of Interest Expense and Related Charges

	Three Months Ended March 31,
	2025		2024
	(in millions)
Interest expense	$	272	$	208
Unrealized mark-to-market net (gains) losses on interest rate swaps	48		(47)
Amortization of debt issuance costs, discounts, and premiums	11		7
Debt extinguishment gain	—		(6)
Capitalized interest	(29)		(12)
Other	17		20
Total interest expense and related charges	$	319	$	170