We advised the underwriters on the offering

Davis Polk advised the representatives of the several underwriters in connection with a registered offering by Vistra Operations Company LLC of $1 billion aggregate principal amount of 4.700% senior secured notes due 2031 and $1.25 billion aggregate principal amount of 5.350% senior secured notes due 2036.

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 David (Wei Fu) Li and associate Hope Goimarac. The finance team included partners Robert Morrison and Jason Kyrwood, counsel Christina C. Bell and associates Amanda Cheng and Scott (Xiantao) Wang. Counsel Christopher A. Baratta and associate Michael Hsieh provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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