Summary by Moomoo AI
On December 4, 2024, Vistra Operations Company LLC, a subsidiary of Vistra Corp., completed a $1.25 billion private offering of senior secured notes. The offering comprised $500 million of 5.050% notes due 2026 and $750 million of 5.700% notes due 2034.The notes, secured by a first-priority interest in substantial company assets, were sold to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. Net proceeds of approximately $1.24 billion will be used for general corporate purposes, debt refinancing, and funding the early payout of purchase price installments to Avenue Capital Management II, L.P.The notes will pay interest semi-annually starting June 30, 2025. Vistra Operations may redeem the notes under specified conditions, including a change of control scenario. The indenture includes covenants restricting the issuer's ability to create liens, merge or consolidate, and sell assets.
