By Paul A. Harris
Portland, Ore., May 5 – Vistra Operations Co. LLC priced $1.25 billion of eight-year senior notes (Ba2/BB/BB+) at par to yield 4 3/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 4½% area.
The deal was heard to be playing to $2.9 billion of orders, a trader said.
J.P. Morgan Securities LLC managed the sale.
The Texas-based energy company plans to use the proceeds to repay its $1.25 billion 364-day term loan.
The issuer is a wholly owned subsidiary of Vistra Corp.
| Issuer: | Vistra Operations Co. LLC
|
| Amount: | $1.25 billion
|
| Maturity: | May 1, 2029
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Call protection: | Three years
|
| Trade date: | May 5
|
| Settlement date: | May 10
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Fitch: BB+
|
| Price talk: | 4½% area
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
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