- Display (NYSE:VST) announces the launch of simultaneous private offerings of 6.950% senior secured notes due 2033 and 7.750% senior unsecured notes due 2031.
- The covered bonds will be senior secured obligations of Vistra Operations Company LLC, a Delaware limited liability company and a indirect wholly-owned subsidiary of the Company, and the unsecured notes will be senior unsecured notes of the issuer.
- The covered notes will be secured by a first priority security interest in the same collateral pledged for the benefit of the lenders under the issuer’s credit pact and certain other agreements.
- The Company intends to use the proceeds from the Offers (i) to finance the Tender Offers to purchase up to the aggregate maximum bid amount of the issuer’s outstanding notes, (ii) to pay fees and expenses related to the takeover bids and the offers, and (iii) to use the remainder for general corporate purposes.
- The completion of the Secured Offering is not conditioned on the completion of the Unsecured Offering, and the completion of the Unsecured Offering is not conditioned on the completion of the Secured Offering.
- At the same time, the company also announces the commencement of cash tenders for up to an aggregate principal amount of not more than $500 million of the outstanding 3.550% Senior Secured Notes due 2024, 4.875% Senior Secured Notes due 2024 and 5.125% Senior Secured Purchase notes from the issuer. maturing in 2025, together with the 3.550% 2024 Notes and 4.875% 2024 Notes.
- The Company expects to use the net proceeds from the offerings to fund our tender offer payments and the aggregate consideration.
- The issuer’s obligation to complete the takeover bids is subject to the financing condition and is not conditioned on the completion of the takeover bids.
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