Item 1.01. Entry into a Material Definitive Agreement.
On July 18, 2022 (the "Effective Date"), Vistra Operations Company LLC ("Vistra
Operations") (in such capacity, "Borrower"), entered into an amendment (the
"Credit Agreement Amendment") among Vistra Operations, Vistra Intermediate
Company LLC, the guarantors party thereto, Credit Suisse AG, Cayman Island
Branch, as Administrative and Collateral Agent, and the other parties named
therein to that certain Credit Agreement, dated as of October 3, 2016 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement").
Pursuant to the Credit Agreement Amendment, effective as of the Effective Date,
a new class of revolving credit commitments in an aggregate amount equal to
$725 million and maturing April 29, 2027 was established. After giving effect to
the Credit Agreement Amendment, the aggregate amount of revolving commitments
maturing April 29, 2027 (the "Extended Revolving Credit Facility") equals
$3.525 billion, while the $200 million in revolving commitments maturing
June 14, 2023 remain unchanged by the Credit Agreement Amendment. The Credit
Agreement Amendment also provides that Vistra Operations will terminate at least
$350 million in Extended Revolving Credit Facility commitments by December 30,
2022, or earlier if Vistra Operations or any guarantor receives proceeds from
any capital markets transaction whose primary purpose is designed to enhance the
liquidity of Vistra Operations and its guarantors. Furthermore, the Credit
Agreement Amendment appoints new revolving letter of credit issuers, such that
the aggregate amount of revolving letter of credit commitments equals
$3.245 billion after giving effect to the Credit Agreement Amendment. After
giving effect to the Credit Agreement Amendment, the Company has total available
liquidity in excess of $4 billion.
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 Credit Agreement Amendment is incorporated by reference
herein.
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