Vistra sets talk on $700 million in first- and second-lien term loans

By Sara Rosenberg

New York, July 8 – Vistra Group released price talk on its $700 million in term loans that launched with a bank meeting in London on Wednesday and will launch with a bank meeting in New York on Thursday, according to sources.

The $515 million seven-year U.S dollar and euro first-lien term loan (B1) is talked at Libor/Euribor plus 400 basis points to 425 bps with a 1% floor and an original issue discount of 99, and the $185 million eight-year U.S. dollar and euro second-lien term loan (B2) is talked at Libor/Euribor plus 800 bps to 825 bps with a 1% floor and a discount of 98.5, sources said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $750 million credit facility also provides for a $50 million revolver (B1).

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and DBS Bank are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Baring Private Equity Asia from IK Investment Partners.

Closing is subject to regulatory approvals.

Vistra Group is a Hong Kong-based provider of company formations, trust, corporate and fund administration services.

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