| Item 1.01. |
Entry into a Material Definitive Agreement. |
Accounts Receivable Securitization Facility
On July 11, 2022, TXU Energy Retail Company LLC (“TXU Retail”), TXU Energy Receivables Company LLC (“TXU Receivables”), a wholly owned subsidiary of TXU Retail, and Vistra Operations Company LLC (“Vistra Operations”), each of which are indirect, wholly owned subsidiaries of Vistra Corp., entered into an amendment (the “RPA Amendment”) to the Receivables Purchase Agreement dated as of August 21, 2018 (as amended, supplemented or otherwise modified from time to time, the “RPA”) among TXU Receivables, as seller, TXU Retail, as servicer, Vistra Operations, as performance guarantor, certain purchaser agents and purchasers named therein and Credit Agricole Corporate and Investment Bank, as administrator. The RPA Amendment amends certain provisions of the RPA, including (1) adjusting the commitment of the purchasers to purchase interests in the receivables under the RPA during certain periods to align with the peak retail season and increasing the commitments by $25 million for the settlement periods through December 2022 as compared to the prior year periods, as follows: (a) $625 million until the settlement date in August 2022, (b) $750 million beginning with the settlement date in August 2022 until the settlement date in November 2022, (c) $625 million beginning with the settlement date in November 2022 until the settlement date in December 2022, and (d) $600 million thereafter for the remaining term of the RPA; and (2) extending the term of the RPA until July 11, 2023.
A copy of the RPA Amendment is included as Exhibit 4.1 to this Current Report and is incorporated herein by reference. The above description of the RPA Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the RPA Amendment.
Repurchase Facility
On July 11, 2022, TXU Retail, as seller (“Seller”) and seller party agent, Vistra Operations, as guarantor, the originators named therein (collectively with Seller, the “Originators”), and MUFG Bank, Ltd., as buyer (“Buyer”), entered into an amendment (the “Framework Amendment”) to the Master Framework Agreement, dated as of October 9, 2020 (as amended, supplemented or otherwise modified from time to time, the “MFA”), among Seller, the Originators, and Buyer. The Framework Amendment extends the term of the MFA until July 11, 2023.
A copy of the Framework Amendment is included as Exhibit 10.1 to this Current Report and is incorporated herein by reference. The above description of the Framework Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Framework Amendment.