IRVING, Texas, Nov. 6, 2019 /PRNewswire/ -- Vistra Energy Corp.
(NYSE: VST) (the "Company" or "Vistra Energy") announced today the
launch of a private offering (the "Offering") of senior secured
notes due 2024 and senior secured notes due 2027 (collectively, the
"Secured Notes") to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the "Securities
Act"), and to certain non-U.S. persons in accordance with
Regulation S under the Securities Act. The Secured Notes will be
senior, secured obligations of Vistra Operations Company LLC, a
Delaware limited liability company
and an indirect, wholly owned subsidiary of the Company (the
"Issuer"). The Secured Notes will be fully and unconditionally
guaranteed by certain of the Issuer's current and future
subsidiaries that also guarantee the Issuer's credit agreement. The
Secured Notes will be secured by a first-priority security interest
in the same collateral that is pledged for the benefit of the
lenders under the Issuer's credit agreement, which consists of a
substantial portion of the property, assets and rights owned by the
Issuer and the subsidiary guarantors as well as the stock of the
Issuer. The collateral securing the Secured Notes will be released
if the Issuer's senior, unsecured long-term debt securities obtain
an investment grade rating from two out of the three rating
agencies, subject to reversion if such rating agencies withdraw the
investment grade rating of the Issuer's senior, unsecured long-term
debt securities or downgrade such rating below investment
grade.
![Vistra Energy logo (PRNewsfoto/Vistra Energy) Vistra Energy logo (PRNewsfoto/Vistra Energy)](https://mma.prnewswire.com/media/530816/Vistra_Energy_Logo.jpg)
The Company intends to use the net proceeds from the Offering,
together with cash on hand, to prepay certain amounts outstanding
under the senior secured term loan under the Issuer's credit
agreement and to pay fees and expenses related to the Offering.
The Secured Notes will not be registered under the Securities
Act or any state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from such registration
requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
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, Fortune 350 energy company based in
Irving, Texas, providing essential
resources for customers, commerce, and communities. Vistra combines
an innovative, customer-centric approach to retail with safe,
reliable, diverse, and efficient power generation. The company
brings its products and services to market in 20 states and the
District of Columbia, including
six of the seven competitive retail markets in the U.S. and markets
in Canada and Japan, as well. Serving nearly 5 million
residential, commercial, and industrial retail customers with
electricity and gas, Vistra is the largest competitive residential
electricity provider in the country and offers over 40 renewable
energy plans. The company is also the largest competitive power
generator in the U.S. with a capacity of approximately 39,000
megawatts powered by a diverse portfolio of natural gas, nuclear,
coal, solar, and battery energy storage facilities. In addition,
the company is a large purchaser of wind power. The company is
currently developing the largest battery storage system of its kind
in the world – a 300-MW/1,200-MWh system in Moss Landing, California. Vistra is guided by
four core principles: we do business the right way, we work as a
team, we compete to win, and we care about our people, our
neighbors, and our stakeholders.
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 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 and to successfully integrate
acquired businesses; (iii) actions by credit ratings agencies; and
(iv) 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/vistra-energy-announces-private-offering-of-senior-secured-notes-300952879.html
SOURCE Vistra Energy Corp.