Vistra Corp. (NYSE: VST) announced the pricing of a public offering totaling $1.5 billion in junior subordinated notes due 2057, according to a press release from the Irving, Texas-based company.

The offering consists of $850 million in Series A notes bearing an annual interest rate of 7.00% and $650 million in Series B notes at 7.25%, both priced at 100% of face value. The notes are obligations of Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Vistra Corp., and will be irrevocably and unconditionally guaranteed by the parent company.

Vistra said it intends to use the net proceeds for general corporate purposes, including funding the potential redemption of its outstanding 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock and 7.0% Series B Fixed-Rate Reset Cumulative Redeemable Green Perpetual Preferred Stock, upon or following their five-year reset dates in October 2026 and December 2026, respectively. Pending deployment of proceeds, the company plans to invest the funds in short-term interest-bearing accounts or similar instruments.

The offering is expected to close on September 24, 2026, subject to customary closing conditions. It is being made under a shelf registration statement filed with the Securities and Exchange Commission on September 9, 2026.

Barclays, BofA Securities, Mizuho, MUFG, and Truist Securities are among the joint book-running managers for the offering, alongside a broad group of additional financial institutions.