By Paul A. Harris
Portland, Ore., Jan. 22 – Vistra Energy Corp. priced an upsized $1.3 billion issue of eight-year senior notes (Ba3/BB) at par to yield 5 5/8% in a Tuesday drive-by, according to market sources and a press release.
The notes are senior unsecured obligations of Vistra Energy’s wholly owned subsidiary, Vistra Operations Co. LLC.
The issue size was increased from $700 million.
The yield printed in the middle of the 5½% to 5¾% final talk and tighter than initial guidance in the 5¾% area.
J.P. Morgan Securities LLC is the lead.
The Irving, Texas-based integrated power company plans to use the proceeds to purchase and/or redeem the Dynegy Inc. 7 3/8% senior notes due 2022 and for general corporate purposes.
Vistra Energy completed its merger with Dynegy in April 2018.
| Issuer: | Vistra Operations Co. LLC
|
| Amount: | $1.3 billion, increased from $700 million
|
| Maturity: | Feb. 15, 2027
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Three years
|
| Trade date: | Jan. 22
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Quick to market
|
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