S&P rates Vistra notes, repriced loan BBB-

S&P said it assigned its BBB- issue-level rating and 1 recovery rating to Vistra Operations Co. LLC’s proposed senior secured notes due in 2027 and repriced term loan due 2025. The 1 recovery rating indicates S&P’s expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a default.

Vistra also is adding $500 million to its existing 3.55% notes due 2024. The rating on the notes remains BBB- with a 1 recovery rating, S&P said.

Proceeds will be used to repay $1 billion on its outstanding term loans B-1 tranches due 2023 and roll the remaining $897 million into the B-3 term loan and reprice the B-3 term loan, which matures in 2025.

The outlook is positive.

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