Vistra driving by with $750 million eight-year senior notes; initial talk 7½% area

By Paul A. Harris

Portland, Ore., April 9 – Vistra Corp. plans to place $750 million of Vistra Operations Co. LLC eight-year senior notes (Ba2/BB/BB) in a Tuesday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the 7½% area.

The Rule 144A and Regulation S notes come with three years of call protection.

J.P. Morgan Securities LLC is leading the notes offering.

The unsecured notes are coming alongside a benchmark investment-grade offering of senior secured notes (Baa3/BBB-/BBB-), also expected to price on Tuesday.

The Irving, Tex.-based retail electricity and power generation company plans to use the proceeds for general corporate purposes that will include debt repayment, including its upcoming 2024 maturities.

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