Vistra launches $2.5 billion term loan at SOFR plus 225 bps

By Sara Rosenberg

New York, Nov. 28 – Vistra Operations Co. LLC held a lender call at 1 p.m. ET on Tuesday to launch a $2.5 billion seven-year senior secured term loan that is talked at SOFR plus 225 basis points with a 0% floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Barclays, BMO Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Goldman Sachs Bank USA, JPMorgan Chase Bank, Mizuho, Morgan Stanley Senior Funding Inc., MUFG, RBC Capital Markets, SMBC, Truist Securities, BofA Securities Inc., Natixis, Bank of Nova Scotia, KeyBanc Capital Markets and Societe Generale are the bookrunners on the deal. Credit Suisse is the administrative agent.

Commitments are due at noon ET on Dec. 5, the source added.

Proceeds will be used to extend and upsize the company’s existing $2.493 billion term loan B due 2025.

Vistra is an Irving, Tex.-based integrated generation, wholesale and retail power company.

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