Vistra Energy gets early tenders for $1.19 billion of 7 3/8% notes

By Susanna Moon

Chicago, Feb. 5 – Vistra Energy Corp. said investors had tendered $1,192,155,000 of its $1,707,341,000 outstanding 7 3/8% senior notes due 2022 issued by its predecessor, Dynegy Inc. by the early deadline of 5 p.m. ET on Feb. 4.

Vistra plans to accept all of those tendered notes for purchase on Feb. 6, according to a company update on Tuesday.

The tender offer is set to expire at midnight ET on Feb. 19.

As announced Jan. 22, Vistra said it plans to purchase or redeem $1,275,000,000 of the 7 3/8% notes.

The company is offering a total purchase price of $1,038.38 per $1,000 principal amount of notes, which includes a $30.00 early tender premium.

Holders who tender after the early deadline will receive the total amount less the early premium.

The company also received the necessary consents to amend the notes’ indenture as of the early deadline.

The amendments would decrease the minimum notice for redemptions to three business days and eliminate restrictive covenants and certain events of default under the notes.

Settlement for any remaining tenders will occur Feb. 20.

J.P. Morgan Securities LLC (866 834-4666) is the lead dealer manager and solicitation agent. Global Bondholder Services Corp. (212 430-3774 or 866 470-3900) is the depositary and information agent.

The tender offer is conditioned on a private offering of $700 million of senior notes due 2027 by subsidiary Vistra Operations Co. LLC. Vistra priced an upsized $1.3 billion of eight-year senior notes on Jan. 22.

Vistra Energy is an integrated power company based in Irving, Texas.

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