IRVING, Texas, June 17, 2019 /PRNewswire/ -- Vistra Energy
Corp. (NYSE: VST): On May 21,
2019, Vistra Energy Corp. (NYSE: VST) announced that its
Board of Directors (the "Board") declared a quarterly dividend of
$0.125 per share of Vistra common
stock, or $0.50 per share on an
annualized basis (the "Dividend"). In declaring the Dividend, the
Board set June 13, 2019 as the
ex-dividend date, June 14, 2019 as
the record date, and June 28, 2019 as
the payment date. Vistra (as successor in interest to Dynegy Inc.)
is party to that certain purchase contract agreement dated as of
June 21, 2016 (as amended and
supplemented, the "Purchase Contract Agreement") by and between
Vistra and Wilmington Trust, National Association, as the purchase
contract agent and as the trustee, whereby Vistra is the issuer of
the prepaid stock purchase contracts that form a component part of
its 4,600,000 7.00% Tangible Equity Units ("TEUs").
![Vistra Energy logo (PRNewsfoto/Vistra Energy) Vistra Energy logo (PRNewsfoto/Vistra Energy)](https://mma.prnewswire.com/media/530816/Vistra_Energy_Logo.jpg)
Upon the payment of the Dividend to stockholders of record of
Vistra, Vistra is required to adjust the Fixed Settlement Rates (as
defined in the Purchase Contract Agreement) pursuant to Section
5.01(a)(iv) of the Purchase Contract Agreement (such adjustment,
the "Adjustment"). Furthermore, pursuant to Section 5.03 of the
Purchase Contract Agreement, the Adjustment shall be effective as
of May 30, 2019, the first VWAP
Trading Day of the current Observation Period (in each case, as
defined in the Purchase Contract Agreement), resulting in the
following:
- the adjusted Minimum Settlement Rate (as defined in the
Purchase Contract Agreement) shall be 3.3060 shares of common stock
of Vistra; and
- the adjusted Maximum Settlement Rate (as defined in the
Purchase Contract Agreement) shall be 4.0827 shares of common stock
of Vistra.
The Adjustment effectively changes the Reference Price (as
defined in the Purchase Contract Agreement) per share to
$24.4933 from $24.6205 and the Threshold Appreciation Price (as
defined in the Purchase Contract Agreement) to $30.2480 from $30.4053. Pursuant to the Purchase Contract
Agreement, the Adjustment shall be made without duplication of any
other adjustment or cash payment otherwise described in the
Purchase Contract Agreement.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated power company
based in Irving, Texas, combining
an innovative, customer-centric approach to retail with a focus on
safe, reliable, and efficient power generation. Through its retail
and generation businesses which include TXU Energy, Homefield
Energy, Dynegy, and Luminant, Vistra operates in 12 states and six
of the seven competitive markets in the U.S., with about 5,275
employees. Vistra's retail brands serve approximately 2.8 million
residential, commercial, and industrial customers across five top
retail states, and its generation fleet totals approximately 40,500
megawatts of highly efficient generation capacity, with a diverse
portfolio of natural gas, nuclear, coal, solar and battery storage
facilities. The company is currently developing the largest battery
energy storage system of its kind in the world – a 300-MW/1,200-MWh
system in Moss Landing,
California.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, which are
based on current expectations, estimates and projections about the
industry and markets in which Vistra Energy Corp. ("Vistra Energy")
operates and beliefs of and assumptions made by Vistra Energy's
management, involve risks and uncertainties, which are difficult to
predict and are not guarantees of future performance, that could
significantly affect the financial results of Vistra Energy. All
statements, other than statements of historical facts, that are
presented herein, or in response to questions or otherwise, that
address activities, events or developments that may occur in the
future, including (without limitation) such matters as activities
related to our financial or operational projections, projected
synergy, value lever and net debt targets, capital allocation,
capital expenditures, liquidity, projected Adjusted EBITDA to free
cash flow conversion rate, dividend policy, business strategy,
competitive strengths, goals, future acquisitions or dispositions,
development or operation of power generation assets, market and
industry developments and the growth of our businesses and
operations (often, but not always, through the use of words or
phrases, or the negative variations of those words or other
comparable words of a future or forward-looking nature, including,
but not limited to, "intends," "plans," "will likely," "unlikely,"
"believe," "expect," "seek," "anticipate," "estimate," "continue,"
"will," "shall," "should," "could," "may," "might," "predict,"
"project," "forecast," "target," "potential," "forecast," "goal,"
"objective," "guidance" and "outlook"), are forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements. Although Vistra Energy believes that in
making any such forward-looking statement, Vistra Energy's
expectations are based on reasonable assumptions, any such
forward-looking statement involves uncertainties and risks that
could cause results to differ materially from those projected in or
implied by any such forward-looking statement, including but not
limited to (i) adverse changes in general economic or market
conditions (including changes in interest rates) or changes in
political conditions or federal or state laws and regulations; (ii)
the ability of Vistra Energy to execute upon the contemplated
strategic and performance initiatives (including the risk that
Vistra Energy's and Dynegy's respective businesses will not be
integrated successfully or that the cost savings, synergies and
growth from the merger will not be fully realized or may take
longer than expected to realize); (iii) actions by credit ratings
agencies, (iv) with respect to the proposed Crius Energy
acquisition, (x) the ability of the parties to obtain all required
approvals, (y) the parties ability to otherwise successfully
consummate the transaction, and (z) for Vistra Energy to
successfully integrate the Crius Energy business as currently
projected, and (v) those additional risks and factors discussed in
reports filed with the Securities and Exchange Commission ("SEC")
by Vistra Energy from time to time, including the uncertainties and
risks discussed in the sections entitled "Risk Factors" and
"Forward-Looking Statements" in Vistra Energy's annual report on
Form 10-K for the year ended December 31,
2018 and any subsequently filed quarterly reports on Form
10-Q.
Any forward-looking statement speaks only at the date on which
it is made, and except as may be required by law, Vistra Energy
will not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not
possible to predict all of them; nor can Vistra Energy assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement.
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SOURCE Vistra Energy