We advised the lead arranger, lender and administrative agent on the financing

Davis Polk advised the lead arranger, lender and administrative agent in connection with a $2 billion senior secured bridge term loan credit facility. The facility was provided to Vistra Operations Company LLC, a subsidiary of Vistra Corp., in connection with Vistra’s acquisition of Cogentrix Energy. The acquisition includes three combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, four combined cycle gas turbine facilities in ISO New England and one cogeneration facility in ERCOT.

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.Cogentrix Energy is a power generation company that develops, owns, manages and operates electric power plants. Cogentrix is indirectly owned by funds managed by Quantum Capital Group.

The Davis Polk finance team included partners Jason Kyrwood and Robert Morrison, counsel Christina C. Bell and Roxanne Walton and associates Amanda Cheng and Scott (Xiantao) Wang. The capital markets team included partner Yasin Keshvargar, counsel David (Wei Fu) Li and associate Hope Goimarac. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.

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