We advised the representatives of the several underwriters on the offering

Davis Polk advised the representatives of the several underwriters in connection with an SEC-registered offering by Vistra Operations Company LLC of $850 million aggregate principal amount of 7.000% Series A junior subordinated notes due 2057 and $650 million aggregate principal amount of 7.250% Series B junior subordinated notes due 2057. The notes are guaranteed on a subordinated basis by Vistra Corp.

Vistra is a leading integrated retail electricity and power generation company based in Irving, Texas, that provides essential resources to customers, businesses and communities from California to Maine. Vistra is a leader in transforming the energy landscape, with an unyielding focus on reliability, affordability and sustainability. The company safely operates a reliable, efficient power generation fleet of natural gas, nuclear, coal, solar and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business.

The Davis Polk capital markets team included partner Yasin Keshvargar, counsel Jenna M. Godfrey and associates Jared A. Bivens and Jeffrey Simmons. Partner Robert Morrison provided finance advice. Partner Corey M. Goodman and associate Michael Hsieh provided tax advice. Members of the Davis Polk team are based in the New York, Washington DC and Los Angeles offices.

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