VST · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
Vistra Corp. · 2026-11-09 · Importance 59 · Surprise 48 · In source text
Long-term debt, including amounts due currently, increased to $21.146 billion at September 30, 2026, from $17.043 billion at December 31, 2025, a rise of approximately 24%. Vistra Operations debt before unamortized premiums, discounts and issuance costs was $19.2 billion, compared with $15.196 billion at year-end 2025. In January 2026, Vistra Operations issued $2.25 billion of senior secured notes, and in April it issued $4.0 billion of senior unsecured notes; the April proceeds were used to repay or redeem existing debt, including the $2.444 billion term loan and 2027 notes. Vistra Operations had $6.18 billion of available capacity under its revolving and commodity-linked facilities at September 30, 2026, with no borrowings outstanding under either facility. S&P and Fitch upgraded applicable ratings to investment grade in 2026, leading to the release of specified note and credit-facility liens.
Key facts
- A June 2026 amendment to the Vistra Operations Credit Agreement increased revolving credit commitments by $2.060 billion. source
- In June 2026, Vistra Corp. increased its revolving credit facility commitments from $3.44 billion to $5.5 billion and increased revolving letter-of-credit commitments from $3.44 billion to $5.475 billion. source
- At September 30, 2026, the $500 million initial commitment for Vistra's investment in the Helix Fund remained callable by the fund's general partner. source
- The remaining $500 million Helix Fund commitment is contingent on commercial power supply milestones for Vistra's existing generation assets, which had not occurred as of September 30, 2026. source
- Vistra Corp. had $21.146 billion of long-term debt, including amounts due currently, as of September 30, 2026, compared with $17.043 billion as of December 31, 2025. source
- Vistra Corp. had $18.269 billion of long-term debt less amounts due currently as of September 30, 2026, compared with $15.842 billion as of December 31, 2025. source
- As of September 30, 2026, Vistra Corp. had $1.75 billion in aggregate commitments under its commodity-linked revolving credit facility, with flexibility to increase the facility to $3.0 billion subject to obtaining additional commitments. source
- The Commodity-Linked Facility borrowing base was $1.466 billion at September 30, 2026, with no cash borrowings; the facility limit was $1.75 billion. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -9.1% | Vistra Corp. had $21.146 billion of long-term debt, including amounts due currently, as of September 30, 2026, compared with $17.043… |
| cash | negative | committed | -0.9% | At September 30, 2026, the $500 million initial commitment for Vistra's investment in the Helix Fund remained callable by the fund's… |
| cash | negative | contingent | -0.1% | The remaining $500 million Helix Fund commitment is contingent on commercial power supply milestones for Vistra's existing generation… |