Vistra Zero launches $700 million term loan B at SOFR plus 300 bps

By Sara Rosenberg

New York, March 7 – Vistra Zero Operating Co. LLC launched on Thursday its $700 million seven-year senior secured covenant-lite term loan B (Ba2/BBB-) with price talk of SOFR plus 300 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, no CSA and amortization of 1% per annum, the source said.

Mandatory prepayments are from 100% of net proceeds from asset sales, subject to customary carve outs and reinvestment rights, and 100% of net proceeds of debt issuances, subject to customary carve outs.

Security is a perfected first-priority lien on substantially all tangible and intangible assets and capital stock held by the borrower and guarantors, subject to customary and appropriate exceptions.

Citigroup Global Markets Inc. is the lead arranger and administrative agent on the deal.

Commitments are due at 5 p.m. ET on March 19, the source added.

Proceeds will be used for general corporate purposes, including acquiring the projects from other Vistra entities.

Vistra Zero is a Vistra Corp. subsidiary that holds a 1.4 GW portfolio of six unlevered, operating, solar generation and energy storage assets.

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