Debt, Credit Facilities and Financings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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

	June 30, 2025		December 31, 2024
	(in millions)
Long-term debt, including amounts due currently:
Project-level debt	$	1,273	$	1,064
Vistra Operations debt	14,648		15,405
Long-term debt before unamortized premiums, discounts and issuance costs	15,921		16,469
Unamortized premiums, discounts, and issuance costs	(151)		(171)
Long-term debt including amounts due currently	$	15,770	$	16,298
Accounts receivable financing	$	1,125	$	750
Forward repurchase obligation	$	1,295	$	1,335
Short-term borrowings	$	861	$	—

Schedule of Long-Term Debt Instruments

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

	June 30, 2025		December 31, 2024
	(in millions)
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030	$	2,462	$	2,475
BCOP Credit Facility, Bridge Loans due November 1, 2025 / December 3, 2026	367		367
BCOP Credit Facility, Construction Loan due November 1, 2025	88		—
BCOP Credit Facility, Term Loans due December 3, 2029	121		—
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
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	4,400		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 1, 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

	June 30, 2025		December 31, 2024
	(in millions)
Total other long-term debt	55		55
Unamortized debt premiums, discounts, and issuance costs	(151)		(171)
Total long-term debt including amounts due currently	15,770		16,298
Less amounts due currently	(230)		(880)
Total long-term debt, less amounts due currently	$	15,540	$	15,418

Schedule of Maturities of Long-Term Debt

Long-term debt maturities as of June 30, 2025 are as follows:

	June 30, 2025
	(in millions)
Remainder of 2025	$	129
2026	1,798
2027	3,435
2028	36
2029	2,362
Thereafter	8,161
Unamortized premiums, discounts, and debt issuance costs	(151)
Total long-term debt, including amounts due currently	$	15,770

Schedule of Line of Credit Facilities

Our credit facilities and related available capacity as of June 30, 2025 are presented below.

		June 30, 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	$	—	$	1,280	$	2,160
Term Loan B-3 Facility	December 20, 2030	2,462		2,462		—		—
Total Vistra Operations Credit Facilities		5,902		2,462		1,280		2,160
Vistra Operations Commodity-Linked Facility	October 1, 2025	1,750		861		—		—
Total Vistra Operations debt		$	7,652	$	3,323	$	1,280	$	2,160
Project-level debt:
Bridge Loans	November 1, 2025 / December 3, 2026	$	367	$	367	$	—	$	—
Construction Loan	November 1, 2025	88		88		—		—
Term Loans	December 3, 2029	121		121		—		—
BCOP Credit Facility (a)(b)		576		576		—		—
Vistra Zero Term Loan B Facility (b)	April 30, 2031	697		697		—		—
Total project-level debt		$	1,273	$	1,273	$	—	$	—
Total credit facilities		$	8,925	$	4,596	$	1,280	$	2,160

___________

(a)The BCOP Credit Facility also includes a Debt Service Reserve commitment of $29 million and has $7 million of letters of credit issued as of June 30, 2025.

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

Schedule of Repurchase Obligation

Principal and interest payments remaining due to Nuveen are as follows:

	June 30, 2025
	(in millions)
Remainder of 2025	$	701
2026	669
Thereafter	—
Total scheduled payments under the UPAs	$	1,370

Schedule of Interest Expense and Related Charges

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Interest expense	$	275	$	250	$	547	$	458
Unrealized mark-to-market net (gains) losses on interest rate swaps	26		(11)		74		(58)
Amortization of debt issuance costs, discounts, and premiums	11		9		22		16
Debt extinguishment gain	—		—		—		(6)
Capitalized interest	(27)		(20)		(56)		(32)
Other	18		13		35		33
Total interest expense and related charges	$	303	$	241	$	622	$	411