Vistra launches junior subordinated notes offering to redeem preferred stock

Vistra Corp. (NYSE: VST) announced the launch of a public offering of multiple series of junior subordinated unsecured notes, with proceeds intended partly to fund the redemption of two series of outstanding preferred stock.

The notes will be issued by Vistra Operations Company LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Vistra, and will be irrevocably and unconditionally guaranteed by Vistra Corp.

The company said it intends to use net proceeds for general corporate purposes, including distributions to Vistra to fund the potential redemption of its 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. The five-year reset dates for those two series fall in October 2026 and December 2026, respectively. Pending deployment of the proceeds, the company plans to invest them in short-term interest-bearing accounts or similar instruments.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on Sept. 9, 2026. Barclays, BofA Securities, Mizuho, MUFG, and Truist Securities are among the joint book-running managers, alongside a broader group of underwriters including Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities, among others.

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