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Parent Of Retail Supplier Announces New Green Preferred Stock Offering
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Vistra Corp. today announced the launch of a private offering pursuant to its newly adopted Vistra Green Finance Framework of $750 million of new Series B Fixed-Rate Reset Cumulative Redeemable Green Perpetual Preferred Stock to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act.
"The company intends to use an amount equal to the net proceeds from the offering to pay or reimburse the payment, in whole or in part, of existing and new Eligible Green Projects within the U.S. in accordance with the criteria set forth in the Green Finance Framework, which is available on the company's website. Vistra intends to create a dedicated sustainability financing committee of senior company officers to oversee the Green Finance Framework. The company intends to fully allocate the proceeds of the offering within 18-24 months from the date of the issuance of the Preferred Stock," Vistra said
"On an annual basis, Vistra will issue a public report with information on the allocation of the proceeds to Eligible Green Projects until an amount equal to the net proceeds from the sale of the Preferred Stock has been allocated," Vistra said
"The Preferred Stock will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent registration or an applicable exemption from such registration requirements," Vistra said
"The Offering represents another step in Vistra's broader capital allocation plan, which was announced in October and November 2021. In addition to the $7.5 billion return of capital and the reduction of up to $3 billion of debt (exclusive of project financing) planned between now and year-end 2026, Vistra also set forth its intent to accelerate the development of its zero-carbon growth pipeline with cost-efficient capital," Vistra said
"Vistra expects its zero-carbon generation portfolio, Vistra Zero, to have 7,300 megawatts of zero-carbon generation online by year-end 2026, including approximately 2,900 MW of such generation currently online. Expected investment from 2022 to 2026 is approximately $5 billion. Vistra intends to fund this development primarily via project financing, supplemented by Vistra Zero project cash flows, and a portion of the net proceeds of the offering. Vistra has elected to raise equity via its Green Finance Framework as the most cost-effective and administratively efficient method to access third-party capital at this time. Vistra expects its Vistra Zero portfolio will grow to at least a projected $450-500 million adjusted EBITDA, highly contracted business by the end of 2026," Vistra said
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December 7, 2021
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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