| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Vistra Operations Co. LLC > News item |
Vistra brings $500 million in taps of 7¾% senior notes due 2031, 6.95% secured notes due 2033
By Paul A. Harris
Portland, Ore., Dec. 11 – Vistra Operations Co. LLC plans to place $500 million of notes in Monday high-yield and investment-grade bond sales, according to market sources.
The quick-to-market Rule 144A and Regulation S transactions include a $250 million add-on to the 7¾% senior notes due Oct. 15, 2031 (Ba2/BB) and a $250 million add-on to the 6.95% senior secured notes due Oct. 15, 2033 (Baa3/BBB-/BBB-).
Initial talk has the tap of the 7¾% notes pricing in the 101½ area and the tap of the 6.95% secured notes pricing at a spread in the Treasuries plus 260 basis points area.
The unsecured notes are subject to an initial call on Oct. 15, 2026 at 103.875.
The secured notes are covered by make-whole call until three months prior to maturity, whereupon they become callable at par.
Citigroup Global Markets Inc. is the left bookrunner for both tranches.
BMO Capital Markets Corp., Mizuho Securities USA Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., BofA Securities Inc., MUFG Securities Americas Inc., Natixis Securities Americas LLC, Scotia Capital (USA) Inc., KeyBanc Capital Markets Inc. and SG Americas Securities LLC are the joint bookrunners for the unsecured notes.
BofA, BMO, Mizuho and Truist are the active bookrunners for the secured notes.
The Irving, Tex.-based power company plans to use the proceeds to fund concurrent tender offers for its 3.55% senior secured notes due 2024, its 4 7/8% senior secured notes due 2024 and its 5 1/8% senior secured notes due 2025.
The company will tender for an aggregate amount of the notes that will result in an aggregate purchase price which will not exceed $500 million, subject to an order of priority set forth in the tender offers.
The original $1.1 billion issue of 7¾% notes and the original $650 million issue of 6.95% secured notes both priced on Sept. 12, 2023.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.