Vistra Launches Registered Offering of Junior Subordinated Notes

Vistra Corp. announced an underwritten public offering of multiple series of junior subordinated unsecured notes on 10 September 2026. The notes will be issued by its indirect wholly owned subsidiary, Vistra Operations Company LLC, and backed by an irrevocable and unconditional guarantee from Vistra.

The issuer plans to use the net proceeds for general corporate purposes. These include making distributions to Vistra to finance the redemption of some or all of its outstanding 8.0% Series A and 7.0% Series B fixed-rate reset cumulative redeemable perpetual preferred stock. The redemptions are planned upon or after their respective five-year reset dates in October 2026 and December 2026.

Pending the deployment of these funds, the proceeds will be held in short-term interest-bearing accounts, securities, or similar investments. The offering is conducted under an effective shelf registration statement filed with the SEC on 9 September 2026.

A syndicate of financial institutions is managing the offering. Joint book-running managers include Barclays, BofA Securities, Mizuho, MUFG, Truist Securities, BBVA, BMO Capital Markets, Citigroup, Credit Agricole CIB, Goldman Sachs, J.P. Morgan, Morgan Stanley, Natixis, PNC Capital Markets, RBC Capital Markets, Santander, Scotiabank, SMBC Nikko, Societe Generale, Wells Fargo Securities, KeyBanc Capital Markets, and US Bancorp.