Global law firm White & Case LLP has advised a syndicate of leading financial institutions on Vistra Operating Company LLC's US$1.2 billion secured notes offerings. The offerings comprised the issuance of US$500 million 5.050% senior secured notes due 2026, and the issuance of US$750 million 5.700% senior secured notes due 2034.
Vistra intends to use the proceeds from the offerings for general corporate purposes, including to refinance outstanding indebtedness; to fund the opportunistic early payout of the purchase price installment payments previously scheduled to be paid in 2025 and 2026 to Avenue Capital Management II, L.P. for the previously announced purchase by the company from Avenue of its equity interest in Vistra Vision LLC; and to pay fees and expenses related to the issuances.
The most recent successful US$1.25 billion offerings follow on the Firm's successful representations of the bank syndicate in connection with raising over US$4 billion in aggregate through various debt capital markets offerings since September 2023 for Vistra.
Vistra Operating Company LLC is a wholly-owned subsidiary of Vistra Corp., a leading Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, that provides essential power resources to customers, businesses and communities from California to Maine.
The White & Case team was led by Capital Markets partner Jonathan Michels (New York) and Debt Finance partner Robert Morrison (Los Angeles), and included Capital Markets associates Annie Serafim (Boston), Elizabeth Mapelli and William Quish, (both in New York); and Debt Finance associate Evan Rahn (Chicago). Law clerk Mila Aliberti also assisted on the matter.
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