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Vistra upsizes cash tender offers

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Vistra upsizes cash tender offers

Vistra Energy Corp. upsized cash tender offers to purchase outstanding senior notes to $1.7 billion from $1.5 billion.

The company is purchasing its outstanding 7.375% senior notes due 2022, 7.625% senior notes due 2024, 8.034% senior notes due 2024, 8.000% senior notes due 2025 and 8.125% senior notes due 2026. These notes were previously issued by Dynegy Inc., which Vistra acquired earlier in 2018.

To fund these tender offers, Vistra also launched a concurrent and upsized $1 billion private offering of its 5.500% senior notes due 2026.

The 5.500% notes will be senior, unsecured obligations of Vistra subsidiary Vistra Operations Co. LLC. The offering is expected to close Aug. 22, subject to customary closing conditions.

Vistra plans to use proceeds to pay fees incurred from the 5.500% note offering and the tender offers and for general corporate purposes.