Customer concentration— top customer 36% of receivables
One customer
— 36% of receivables (June 30, 2026)
“Significant (i.e., 10% or greater) concentration of credit exposure exists with one counterparty, which represented an aggregate $236 million, or 36%, of our total net exposure of our wholesale segments as of June 30, 2026.”
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2017–FY2025: $7.38B in buybacks, $2.03B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
Reported balance
As of
Amount
Source
Long-term debt and lease obligations, including current maturities
1 filing observation remains unmatched and is excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
2 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Covenant terms have not yet been verified for this profile.
The balance figures do not establish whether covenants apply or whether the company complies with them.
Loans, facilities and notes
4.550% senior notes due 2028
Note · Vistra Operations Company LLC
Reference: 4.550% senior notes due 2028
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Oct 30, 2028
Last reported interest terms:
4.55%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”). Subject to the terms of the Indenture (as defined below), the Securities will be fully and unconditionally guaranteed on a senior unsecured basis (the “Subsidiary Guarantees”) by certain of the Company’s current and future wholly owned domestic subsidiaries listed herein (each, a “Subsidiary Guarantor,” and collectively, the “Subsidiary Guarantors”). Upon the consummation of the Exchange Offer (as defined below), the Exchange Securities will be fully and unconditionally guaranteed (when issued, the “Parent Guarantees” and, together with the Subsidiary Guarantees, the “Guarantees”) on a senior unsecured basis by the Parent (together with the Subsidiary Guarantors, when the Parent Guarantee has been issued, the “Guarantors”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.
Issuer evidence: This REGISTRATION RIGHTS AGREEMENT dated April 22, 2026 (this “Agreement”) is entered into by and among Vistra Corp., a Delaware corporation (“Parent”), Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Parent (the “Company”), the Guarantors (as defined below) and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. as representatives (collectively, the “Representatives”) of the initial purchasers listed in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Issuer evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: Interest on the Notes will accrue from April 22, 2026, at a rate of 4.550% per annum on the 2028 Notes, at a rate of 5.000% on the 2031 Notes, at a rate of 5.250% on the 2033 Notes and at a rate of 5.550% per annum on the 2036 Notes. Interest on the Notes will be payable by the Issuer on April 30 and October 30 of each year, commencing on October 30, 2026. The 2028 Notes will mature on October 30, 2028, the 2031 Notes will mature on April 30, 2031, the 2033 Notes will mature on April 30, 2033 and the 2036 Notes will mature on April 30, 2036.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
5.000% senior notes due 2031
Note · Vistra Operations Company LLC
Reference: 5.000% senior notes due 2031
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 30, 2031
Last reported interest terms:
5%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”). Subject to the terms of the Indenture (as defined below), the Securities will be fully and unconditionally guaranteed on a senior unsecured basis (the “Subsidiary Guarantees”) by certain of the Company’s current and future wholly owned domestic subsidiaries listed herein (each, a “Subsidiary Guarantor,” and collectively, the “Subsidiary Guarantors”). Upon the consummation of the Exchange Offer (as defined below), the Exchange Securities will be fully and unconditionally guaranteed (when issued, the “Parent Guarantees” and, together with the Subsidiary Guarantees, the “Guarantees”) on a senior unsecured basis by the Parent (together with the Subsidiary Guarantors, when the Parent Guarantee has been issued, the “Guarantors”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.
Issuer evidence: This REGISTRATION RIGHTS AGREEMENT dated April 22, 2026 (this “Agreement”) is entered into by and among Vistra Corp., a Delaware corporation (“Parent”), Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Parent (the “Company”), the Guarantors (as defined below) and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. as representatives (collectively, the “Representatives”) of the initial purchasers listed in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Issuer evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: Interest on the Notes will accrue from April 22, 2026, at a rate of 4.550% per annum on the 2028 Notes, at a rate of 5.000% on the 2031 Notes, at a rate of 5.250% on the 2033 Notes and at a rate of 5.550% per annum on the 2036 Notes. Interest on the Notes will be payable by the Issuer on April 30 and October 30 of each year, commencing on October 30, 2026. The 2028 Notes will mature on October 30, 2028, the 2031 Notes will mature on April 30, 2031, the 2033 Notes will mature on April 30, 2033 and the 2036 Notes will mature on April 30, 2036.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
5.250% senior notes due 2033
Note · Vistra Operations Company LLC
Reference: 5.250% senior notes due 2033
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 30, 2033
Last reported interest terms:
5.25%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”). Subject to the terms of the Indenture (as defined below), the Securities will be fully and unconditionally guaranteed on a senior unsecured basis (the “Subsidiary Guarantees”) by certain of the Company’s current and future wholly owned domestic subsidiaries listed herein (each, a “Subsidiary Guarantor,” and collectively, the “Subsidiary Guarantors”). Upon the consummation of the Exchange Offer (as defined below), the Exchange Securities will be fully and unconditionally guaranteed (when issued, the “Parent Guarantees” and, together with the Subsidiary Guarantees, the “Guarantees”) on a senior unsecured basis by the Parent (together with the Subsidiary Guarantors, when the Parent Guarantee has been issued, the “Guarantors”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.
Issuer evidence: This REGISTRATION RIGHTS AGREEMENT dated April 22, 2026 (this “Agreement”) is entered into by and among Vistra Corp., a Delaware corporation (“Parent”), Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Parent (the “Company”), the Guarantors (as defined below) and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. as representatives (collectively, the “Representatives”) of the initial purchasers listed in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Issuer evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: Interest on the Notes will accrue from April 22, 2026, at a rate of 4.550% per annum on the 2028 Notes, at a rate of 5.000% on the 2031 Notes, at a rate of 5.250% on the 2033 Notes and at a rate of 5.550% per annum on the 2036 Notes. Interest on the Notes will be payable by the Issuer on April 30 and October 30 of each year, commencing on October 30, 2026. The 2028 Notes will mature on October 30, 2028, the 2031 Notes will mature on April 30, 2031, the 2033 Notes will mature on April 30, 2033 and the 2036 Notes will mature on April 30, 2036.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
5.550% senior notes due 2036
Note · Vistra Operations Company LLC
Reference: 5.550% senior notes due 2036
Active
Original principal
USD 1,500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Apr 30, 2036
Last reported interest terms:
5.55%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”). Subject to the terms of the Indenture (as defined below), the Securities will be fully and unconditionally guaranteed on a senior unsecured basis (the “Subsidiary Guarantees”) by certain of the Company’s current and future wholly owned domestic subsidiaries listed herein (each, a “Subsidiary Guarantor,” and collectively, the “Subsidiary Guarantors”). Upon the consummation of the Exchange Offer (as defined below), the Exchange Securities will be fully and unconditionally guaranteed (when issued, the “Parent Guarantees” and, together with the Subsidiary Guarantees, the “Guarantees”) on a senior unsecured basis by the Parent (together with the Subsidiary Guarantors, when the Parent Guarantee has been issued, the “Guarantors”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.
Issuer evidence: This REGISTRATION RIGHTS AGREEMENT dated April 22, 2026 (this “Agreement”) is entered into by and among Vistra Corp., a Delaware corporation (“Parent”), Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Parent (the “Company”), the Guarantors (as defined below) and Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. as representatives (collectively, the “Representatives”) of the initial purchasers listed in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
Supporting evidence: The Company, Guarantors and the Representatives are parties to the Purchase Agreement dated April 8, 2026 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $500,000,000 aggregate principal amount of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 aggregate principal amount of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 aggregate principal amount of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 aggregate principal amount of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Securities”).
On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Issuer evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: Interest on the Notes will accrue from April 22, 2026, at a rate of 4.550% per annum on the 2028 Notes, at a rate of 5.000% on the 2031 Notes, at a rate of 5.250% on the 2033 Notes and at a rate of 5.550% per annum on the 2036 Notes. Interest on the Notes will be payable by the Issuer on April 30 and October 30 of each year, commencing on October 30, 2026. The 2028 Notes will mature on October 30, 2028, the 2031 Notes will mature on April 30, 2031, the 2033 Notes will mature on April 30, 2033 and the 2036 Notes will mature on April 30, 2036.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
Supporting evidence: On April 22, 2026, Vistra Operations Company LLC (“Vistra Operations” or the “Issuer”), an indirect, wholly owned subsidiary of Vistra Corp., a Delaware corporation (the “Company” or “Vistra”), completed its previously announced private offering (the “Offering”) of $4.0 billion aggregate principal amount of the Issuer’s senior notes, consisting of $500.0 million aggregate principal amount of the Issuer’s 4.550% senior notes due 2028 (the “2028 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.000% senior notes due 2031 (the “2031 Notes”), $1.0 billion aggregate principal amount of the Issuer’s 5.250% senior notes due 2033 (the “2033 Notes”) and $1.5 billion aggregate principal amount of the Issuer’s 5.550% senior notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Notes”). The sale of the Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Notes were sold on a private placement basis to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
4.550% Senior Notes due 2028
Note · Vistra Operations Company LLC
Reference: 4.550% Senior Notes due 2028
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
4.55%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Issuer evidence: Reference is hereby made to the Supplemental Indenture, dated as of April 22, 2026 (the “Indenture”), among Vistra Operations Company LLC, as issuer (the “Company”), the Subsidiary Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
5.000% Senior Notes due 2031
Note · Vistra Operations Company LLC
Reference: 5.000% Senior Notes due 2031
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Issuer evidence: Reference is hereby made to the Supplemental Indenture, dated as of April 22, 2026 (the “Indenture”), among Vistra Operations Company LLC, as issuer (the “Company”), the Subsidiary Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
5.00% Senior Notes due 2027
Note · Vistra Operations Company LLC
Reference: 5.00% Senior Notes due 2027
Active
Original principal
USD 1,300,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5%
Reported 2026-05-08Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
WHEREAS, the Company has heretofore executed and delivered to the Trustee that certain Indenture (as supplemented and amended, the “Indenture”), dated as of June 21, 2019, among the Company, the Subsidiary Guarantors party thereto and the Trustee, providing for the original issuance of an aggregate principal amount of $1,300,000,000 of 5.00% Senior Notes due 2027 (the “Notes”);
Issuer evidence: SIXTEENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of February 25, 2026, among the subsidiary guarantors listed on Schedule 1 hereto (the “Guaranteeing Subsidiaries”), Vistra Operations Company LLC, a Delaware limited liability company (the “Company”), the other subsidiary guarantors party hereto and Wilmington Trust, National Association, as trustee under the indenture referred to below (the “Trustee”).
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee that certain Indenture (as supplemented and amended, the “Indenture”), dated as of June 21, 2019, among the Company, the Subsidiary Guarantors party thereto and the Trustee, providing for the original issuance of an aggregate principal amount of $1,300,000,000 of 5.00% Senior Notes due 2027 (the “Notes”);
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee that certain Indenture (as supplemented and amended, the “Indenture”), dated as of June 21, 2019, among the Company, the Subsidiary Guarantors party thereto and the Trustee, providing for the original issuance of an aggregate principal amount of $1,300,000,000 of 5.00% Senior Notes due 2027 (the “Notes”);
5.250% Senior Notes due 2033
Note · Vistra Operations Company LLC
Reference: 5.250% Senior Notes due 2033
Active
Original principal
USD 1,000,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.25%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Issuer evidence: Reference is hereby made to the Supplemental Indenture, dated as of April 22, 2026 (the “Indenture”), among Vistra Operations Company LLC, as issuer (the “Company”), the Subsidiary Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
5.550% Senior Notes due 2036
Note · Vistra Operations Company LLC
Reference: 5.550% Senior Notes due 2036
Active
Original principal
USD 1,500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.55%
Reported 2026-04-28Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Issuer evidence: Reference is hereby made to the Supplemental Indenture, dated as of April 22, 2026 (the “Indenture”), among Vistra Operations Company LLC, as issuer (the “Company”), the Subsidiary Guarantors party thereto and Wilmington Trust, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Supporting evidence: WHEREAS, the Company has heretofore executed and delivered to the Trustee (i) that certain indenture (the “Base Indenture”), dated as of April 22, 2026, between the Company and the Trustee and (ii) that certain Supplemental Indenture, dated as of April 22, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantors party thereto and the Trustee, providing for the original issuance of $500,000,000 of 4.550% Senior Notes due 2028 (the “2028 Notes”), $1,000,000,000 of 5.000% Senior Notes due 2031 (the “2031 Notes”), $1,000,000,000 of 5.250% Senior Notes due 2033 (the “2033 Notes”) and $1,500,000,000 of 5.550% Senior Notes due 2036 (the “2036 Notes” and, together with the 2028 Notes, the 2031 Notes and the 2033 Notes, the “Initial Notes”) and, subject to the terms of the Indenture, future unlimited issuances of the 2028 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes (such issuance, the “Additional Notes,” and together with the Initial Notes, the “Notes”);
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
3.50×
Peer median 3.45×
EV/EBIT
18.85×
Peer median 23.47×
P/E (TTM)
24.12×
EV/Adj. EBITDA (FY2025)
11.50×
Peer medians compare against the 4 similar-size Utilities - Independent Power Producers companies (of 8 listed).
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.
Valuation over time computed as of each quarter's filing date
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Retail Segment
$14,340,000,000
$12,797,000,000
$10,572,000,000
$9,455,000,000
$7,871,000,000
$8,270,000,000
$6,872,000,000
$5,597,000,000
East Segment
$6,174,000,000
$5,661,000,000
$5,890,000,000
$4,429,000,000
$2,587,000,000
$2,415,000,000
$2,790,000,000
$1,895,000,000
Texas Segment
$5,353,000,000
$5,394,000,000
$3,979,000,000
$3,878,000,000
$2,790,000,000
$4,116,000,000
$3,836,000,000
$2,497,000,000
West Segment
$325,000,000
$839,000,000
$866,000,000
$336,000,000
$374,000,000
$282,000,000
$338,000,000
$208,000,000
Asset Closure Segment
$74,000,000
$39,000,000
$48,000,000
$384,000,000
$78,000,000
$319,000,000
$341,000,000
$371,000,000
ERCOT Segment
—
—
—
—
—
—
$3,993,000,000
$2,634,000,000
MISO Segment
—
—
—
—
—
—
$658,000,000
$399,000,000
NYNE Segment
—
—
—
—
—
—
$1,135,000,000
$817,000,000
PJM Segment
—
—
—
—
—
—
$2,442,000,000
$1,725,000,000
Sunset Segment
—
—
$1,831,000,000
$868,000,000
$661,000,000
$936,000,000
$1,602,000,000
$1,183,000,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Retail Energy Charge in ERCOT
$8,966,000,000
$8,064,000,000
$7,674,000,000
$6,971,000,000
$5,733,000,000
$5,813,000,000
$4,983,000,000
$4,426,000,000
Retail Energy Charge in Northeast Midwest
$4,059,000,000
$3,595,000,000
$1,642,000,000
$2,139,000,000
$2,255,000,000
$2,406,000,000
$1,818,000,000
$1,123,000,000
Wholesale Generation Revenue from ERCOT
$3,188,000,000
$1,978,000,000
$2,909,000,000
$4,293,000,000
$6,348,000,000
$1,383,000,000
$3,244,000,000
$3,126,000,000
Revenue from Other Wholesale Contracts
$1,146,000,000
$1,050,000,000
$1,481,000,000
$2,125,000,000
$3,201,000,000
$1,136,000,000
$1,124,000,000
$424,000,000
Hedging Revenue Realized
$583,000,000
$895,000,000
$252,000,000
$264,000,000
—
—
—
—
Transferable Production Tax Credit Revenues
$229,000,000
$556,000,000
$10,000,000
—
—
—
—
—
Capacity Revenue
$227,000,000
$74,000,000
$98,000,000
$103,000,000
$163,000,000
$112,000,000
$378,000,000
$698,000,000
Transferable Nuclear Production Tax Credit Revenues
$220,000,000
$545,000,000
—
—
—
—
—
—
Total Other Revenues
$152,000,000
$2,463,000,000
$975,000,000
-$1,903,000,000
-$5,623,000,000
$593,000,000
$262,000,000
-$653,000,000
Business Interruption Insurance Proceeds
$118,000,000
—
—
—
—
—
—
—
Intersegment Sales
$0
$0
$0
$0
—
—
—
—
Intangible Amortization and Other Revenues
-$12,000,000
-$1,000,000
-$1,000,000
-$4,000,000
—
—
—
—
Hedging and Other Revenues
-$766,000,000
$1,013,000,000
$714,000,000
-$1,897,000,000
-$5,683,000,000
$617,000,000
$294,000,000
-$610,000,000
Affiliate Sales
—
—
$0
$0
$0
$0
$0
$0
Hedging Revenue Unrealized
—
$1,013,000,000
$714,000,000
-$2,163,000,000
—
—
—
—
Retail Contract Amortization
—
—
-$6,000,000
-$6,000,000
$60,000,000
-$24,000,000
-$32,000,000
-$43,000,000
Transferable Solar Production Tax Credit Revenues
—
$11,000,000
—
—
—
—
—
—
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
