Vistra Operations launches $2.83 billion term B, $500 million term C

By Sara Rosenberg

New York, Dec. 4 – Vistra Operations Co. LLC launched on its call on Monday a $2,829,000,000 term loan B due Aug. 4, 2023 and a $500 million term loan C due Aug. 4, 2023, according to a market source.

Price talk on both term loans is Libor plus 250 basis points with a 0.75% Libor floor and a par issue price, the source said.

The term loans have 101 soft call protection for six months.

Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Natixis and UBS Investment Bank are the bookrunners on the deal.

Proceeds will be used to reprice an existing term loan B and an existing term loan C, which is being downsized from $650 million, from Libor plus 275 bps with a 0.75% Libor floor.

Existing lender commitments are due on Thursday, and new lender commitments are due on Friday, the source added.

Vistra, formerly known as Texas Competitive Electric Holdings Co. LLC, is a Dallas-based power generator and retail electric provider.

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