Vistra gets $1.33 million more 7 5/8% Dynegy note tenders, issues call

By Wendy Van Sickle

Columbus, Ohio, July 5 – Vistra Energy Corp. announced the final results of its offer to purchase or redeem for cash any and all of its outstanding 7 3/8% senior notes due 2022 and up to $760 million of its outstanding 7 5/8% senior notes due 2024, both issued by Dynegy Inc., using proceeds from an offering of new notes.

As of the final deadline at midnight ET on July 3, holders had validly tendered $173,692,000 of the 7 3/8% notes, the same amount as had been tendered by the early deadline, and $672,829,000 of the 7 5/8% notes, up slightly from $671,503,000 at the early deadline.

The company said it will accept for purchase all of those notes without proration.

The early deadline was 5 p.m. ET on June 19.

As previously reported, an early tender premium of $30 per $1,000 principal amount of notes will be paid on both offers for holders who validly tendered their notes by the early tender deadline.

For the notes due 2022, the total consideration was $1,039 per $1,000 principal amount of notes, which included the $30 early tender premium and the tender offer consideration of $1,009. The total consideration also included accrued interest.

For the 2024 notes, the total consideration was the tender offer consideration of $1,025 per $1,000 principal amount of notes plus the $30 early tender premium for a final total consideration of $1,055. Accrued interest was added to the total consideration.

Holders who tendered after the early tender date but at or prior to the expiration date will receive $1,025 per $1,000 principal amount for the 2024 notes plus accrued interest.

The settlement date for notes tendered by the early tender date was June 21.

The settlement date for notes tendered by the expiration date was July 5.

The offers began on June 6.

The company also issued call notices for all outstanding 2022 notes that were not accepted for purchase in the tender offer and an $87,171,000 portion of the 2024 notes.

The redemptions will occur on July 8.

The 2022 notes will be redeemed at a redemption price of 103.688, and the 2024 notes will be redeemed at par plus the applicable premium and accrued interest.

Proceeds from $1.3 billion of new senior notes due 2027 are being used for the tender offer and redemptions and will also be used for general corporate purposes. The offering was upsized from $1 billion.

Goldman Sachs & Co. LLC (800 828-3182) is serving as the lead dealer manager for the tender offers.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers and 866 470-3900 for others) is working as the information agent.

The integrated power company is based in Irving, Texas.

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