VST · 10-Q · 2026Q3 · Full report
Debt Issuance and Repayments
Vistra Corp. · 2026-11-09 · Importance 51 · Surprise 24 · No source text
During the first nine months of 2026, Vistra issued $6.25 billion of senior notes and $1.5 billion of junior subordinated notes, and borrowed $236 million under the TxEF Loan. It repaid $2.450 billion under the Term Loan Facility, $1.8 billion under the Revolving Credit and Commodity-Linked Facilities, $1.3 billion of senior notes, $1.225 billion under accounts-receivable financing, and $112 million under the BCOP Credit Facility. Interest expense and related charges declined to $829 million from $908 million year over year, principally due to $115 million more in unrealized gains on interest-rate swaps, partly offset by $35 million of debt-extinguishment losses. Post-period, Vistra repaid approximately $1.7 billion of debt assumed in the Cogentrix acquisition.
Key facts
- Vistra Corp. issued $4.0 billion of senior unsecured notes in April 2026 and used approximately $3.968 billion of net proceeds to repay or redeem existing indebtedness and pay fees and expenses. source
- In September 2026, Vistra Operations issued Series A junior subordinated notes due 2057 bearing 7.000% interest through March 15, 2032; thereafter the rate resets based on the Five-Year U.S. Treasury Rate plus 2.253%, with a 7.000% floor. source
- In September 2026, Vistra Operations issued Series B junior subordinated notes due 2057 bearing 7.250% annual interest. source
- Vistra Corp. repaid $2.444 billion of term loan borrowings in April 2026 and had no term loans outstanding under the Vistra Operations Credit Agreement as of September 30, 2026. source
- Vistra Corp. issued $2.25 billion of senior secured notes in January 2026: $1.0 billion of 4.700% notes due 2031 and $1.250 billion of 5.350% notes due 2036. source
- Vistra Operations repaid $2.444 billion outstanding under its Term Loan Facility in April 2026. source
- Vistra repaid $2.450 billion of Term Loan Facility borrowings in the nine months ended September 30, 2026. source
- Vistra repaid $1.8 billion under its Revolving Credit Facility and Commodity-Linked Facility in the nine months ended September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -17.2% | Vistra issued $6.25 billion in senior notes and $1.5 billion in junior subordinated notes in the nine months ended September 30, 2026. |
| cash | positive | realized | +17.2% | Vistra issued $6.25 billion in senior notes and $1.5 billion in junior subordinated notes in the nine months ended September 30, 2026. |
| liability | negative | realized | -8.9% | Vistra Corp. issued $4.0 billion of senior unsecured notes in April 2026 and used approximately $3.968 billion of net proceeds to repay or… |
| liability | positive | realized | +5.4% | Vistra repaid $2.450 billion of Term Loan Facility borrowings in the nine months ended September 30, 2026. |
| cash | negative | realized | -5.4% | Vistra repaid $2.450 billion of Term Loan Facility borrowings in the nine months ended September 30, 2026. |
| liability | positive | realized | +4.0% | Vistra repaid $1.8 billion under its Revolving Credit Facility and Commodity-Linked Facility in the nine months ended September 30, 2026. |
| cash | negative | realized | -4.0% | Vistra repaid $1.8 billion under its Revolving Credit Facility and Commodity-Linked Facility in the nine months ended September 30, 2026. |
| liability | positive | realized | +2.9% | Vistra repaid $1.3 billion of senior notes in the nine months ended September 30, 2026. |
| cash | negative | realized | -2.9% | Vistra repaid $1.3 billion of senior notes in the nine months ended September 30, 2026. |
| liability | positive | realized | — | Vistra Corp. issued $4.0 billion of senior unsecured notes in April 2026 and used approximately $3.968 billion of net proceeds to repay or… |
| liability | negative | realized | — | In September 2026, Vistra Operations issued Series A junior subordinated notes due 2057 bearing 7.000% interest through March 15, 2032;… |
| liability | negative | realized | — | In September 2026, Vistra Operations issued Series B junior subordinated notes due 2057 bearing 7.250% annual interest. |