VST · 10-Q · 2026Q3 · Full report

Preferred Stock Redemption Financing

Vistra Corp. · 2026-11-09 · Importance 52 · Surprise 42 · In source text

In September 2026, Vistra Operations issued $850 million of Series A junior subordinated notes and $650 million of Series B notes, with net proceeds of approximately $1.485 billion. The proceeds, together with cash on hand, funded or are expected to fund general corporate purposes, including redemption of all Series A preferred stock on October 15 and planned redemption of all Series B preferred stock on December 15, 2026. Vistra repaid $2.444 billion of Term Loan Facility borrowings in April 2026. After closing the Cogentrix acquisition, Vistra repaid its $1.7 billion of assumed debt on November 5 using cash on hand and borrowings under the Receivables Facility and Repurchase Facility.

Key facts

• Net proceeds of approximately $1.485 billion from the junior subordinated notes, together with cash on hand, were or will be used for general corporate purposes, including funding redemption of all Series A preferred stock on October 15, 2026, and the expected redemption of all Series B preferred stock on December 15, 2026. source
• Vistra Corp. redeemed all outstanding Series A Preferred Stock on October 15, 2026, and expects to redeem all Series B Preferred Stock on December 15, 2026, using offering proceeds distributed to Vistra Corp. source
• In October and November 2026, Vistra redeemed Series A Preferred Stock for $1 billion. source
• Vistra Operations issued $850 million of Series A Notes and $650 million of Series B Notes in September 2026. source
• Vistra issued notice to Series B Preferred Stock holders to redeem all Series B Preferred Stock on December 15, 2026. source
• On October 15, 2026, Vistra redeemed all Series A Preferred Stock upon its five-year reset date using proceeds from September 2026 junior subordinated notes and cash on hand. source

Impact estimates