Item 1.01. Entry into a Material Definitive Agreement.
On May 26, 2022 (the "Effective Date"), Vistra Operations Company LLC ("Vistra
Operations") (in such capacity, "Borrower"), entered into a second 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 Second Amendment Effective Date
(as defined in the Amendment), the Total Revolving Credit Commitment (as defined
in the Credit Agreement) under the Commodity-Linked Facility was increased from
$2.0 billion to $2.2 billion. Pursuant to the Credit Agreement, we may further
increase the Total Revolving Credit Commitment under the Commodity-Linked
Facility, subject to our ability to obtain additional commitments, by an
additional $800 million 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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