White & Case advises on Vistra’s US$1.5 billion secured notes and unsecured notes offerings

Global law firm White & Case LLP has advised a syndicate of leading financial institutions on concurrent offerings by Vistra Operating Company LLC, a wholly-owned subsidiary of Vistra Corp. ("Vistra"), of US$500 million 6.000% senior secured notes due 2034 and US$1 billion 6.875% senior unsecured notes due 2032.

Vistra intends to use the proceeds from the offering for general corporate purposes, including to refinance outstanding indebtedness, and/or to pay fees and expenses related to the offerings of the notes.

The offerings follow the Firm’s successful representations of the bank syndicate in connection with Vistra’s US$1.75 billion debt offerings in September 2023, the proceeds of which financed the recently-closed acquisition of Energy Harbor Corp., and US$750 million debt offerings in December 2023, the proceeds of which were used to fund concurrent cash tender offers for certain of Vistra’s existing outstanding indebtedness.

Vistra is a leading Fortune 500 retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce and communities.

The White & Case team was led by partners Jonathan Michels (New York) and Robert Morrison (Los Angeles), and included associates Annie Serafim (Boston), Elizabeth Mapelli, Jeffrey Kim and Tyler McKenna (all in New York). The team also included associates Evan Rahn (Chicago) and Iris Ma (Silicon Valley).

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