Summary
Vistra Corp. (VST) has filed an 8-K report detailing an amendment to its Credit Agreement, executed on December 20, 2023. The amendment includes the addition of a new $6.82 million incremental term loan, which has been consolidated with the existing 2018 Incremental Term Loans. A key change is the extension of the maturity date for these combined loans to December 20, 2030, providing Vistra with a longer-term debt profile. Furthermore, the amendment addresses administrative changes, with Credit Suisse AG, Cayman Island Branch intending to resign as Administrative Agent, Collateral Agent, and Letter of Credit Issuer. Citibank, N.A. is slated to become the successor agent, with this transition expected to occur after the Clear Sky Closing Date. The amendment also brings slight adjustments to interest rate margins, increasing them by 25 basis points for ABR and Term SOFR Loans, while eliminating an 11 basis point credit spread adjustment for the 2018 Incremental Term Loans.
Key Highlights
- 1Vistra Operations entered into a Credit Agreement Amendment on December 20, 2023.
- 2A new incremental term loan of $6,823,437.50 was added, consolidated with existing 2018 Incremental Term Loans.
- 3The maturity date for the combined 2018 and 2023 Incremental Term Loans has been extended to December 20, 2030.
- 4Credit Suisse AG, Cayman Island Branch intends to resign as Administrative Agent, Collateral Agent, and Letter of Credit Issuer.
- 5Citibank, N.A. has been appointed as the successor Administrative Agent, Collateral Agent, and Letter of Credit Issuer.
- 6Interest rate margins for ABR Loans and Term SOFR Loans were increased by 25 basis points.
- 7An 11 basis point credit spread adjustment applicable to the 2018 Incremental Term Loans was eliminated.