The investment-grade notes are due 2028, 2030 and 2035

Davis Polk advised the representatives of the several underwriters in connection with a registered offering by Vistra Operations Company LLC of $750 million aggregate principal amount of 4.300% senior secured notes due 2028, $500 million aggregate principal amount of 4.600% senior secured notes due 2030 and $750 million aggregate principal amount of 5.250% senior secured notes due 2035.

Vistra Corp. 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 partners Yasin Keshvargar and Michael Kaplan, counsel David (Wei Fu) Li and associates Hope Goimarac and Matthew L. Hulse. Counsel David A. Zilberberg provided environmental advice. The finance team included partner Robert Morrison and counsel Adela Troconis. Counsel Liang Zhang and associates Michael Hsieh and Summer Elbardissy provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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