Item 1.01. Entry into a Material Definitive Agreement.
On May 5, 2022 (the "Effective Date"), Vistra Operations Company LLC ("Vistra
Operations") (in such capacity, "Borrower"), entered into an amendment (the
"Amendment") by and among the Borrower, Vistra Intermediate Company LLC ("Vistra
Intermediate"), the other credit parties party thereto, the financial
institutions providing new revolving credit commitments, the lenders party
thereto, and Citibank, N.A, as Administrative agent and collateral agent (in
such capacity, the "Agent"), to that certain credit agreement (as amended, the
"Credit Agreement"), dated as of February 4, 2022, by and among the Borrower,
Vistra Intermediate, the lenders, joint lead arrangers and joint bookrunners
party thereto, and the Agent, which agreement provides for a senior secured
commodity-linked revolving credit facility (the "Commodity-Linked Facility").
Pursuant to the Amendment, effective as of the Effective Date, the Total
Revolving Credit Commitment (as defined in the Credit Agreement) under the
Commodity-Linked Facility was increased from $1.0 billion to $2.0 billion and
each required lender consented to further increase the Total Revolving Credit
Commitment under the Commodity-Linked Facility, subject to our ability to obtain
additional commitments, by an additional $1.0 billion to $3.0 billion. Borrower
intends to use the liquidity provided under the Commodity-Linked Facility to
make cash postings as required under various commodity contracts to which Vistra
Operations and its subsidiaries are parties as power prices increase from time
to time and for other working capital and general corporate purposes.
The foregoing summary of the Amendment does not purport to be complete and is
subject to, and qualified in its entirety by, the full text of the Amendment, a
copy of which will be filed with the Company's next periodic report.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 concerning the Company's direct financial
obligations under the Amendment is incorporated by reference herein.
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