Effective February 20, 2018 (the “Effective Date”), Vistra Operations Company LLC (“Vistra Operations”), an indirect wholly owned subsidiary of Vistra Energy Corp. (the “Company”), entered into an amendment (the “Repricing Amendment”) to that certain Credit Agreement, dated as of October 3, 2016 (as amended from time to time, the “Credit Facilities”), among Vistra Operations, as Borrower, and Deutsche Bank AG New York Branch, as Administrative and Collateral Agent, and the other parties named therein. As a result of the Repricing Amendment, the interest rate on the outstanding $990 million 2016 Incremental Term Loans and the Revolving Credit Loans (each as defined in the Credit Facilities) was reduced and, effective as of the Effective Date, bears interest at a rate equal to, at Vistra Operations’ option, either LIBOR plus an applicable margin of 2.25% or a base rate plus an applicable margin of 1.25%. The 2016 Incremental Term Loans will also be subject to a 25 basis points step down if a corporate family rating of Ba1 or better is assessed by Moody’s. The 2016 Incremental Term Loans are prepayable at any time without premium or penalty; provided that there will be a 1.00% pre-payment premium in connection with any repricing of such term loans that reduces the interest rate prior to August 20, 2018. The Repricing Amendment did not change the interest rate on the (i) outstanding $2.821 billion Initial Term Loans and (ii) outstanding $500 million Initial Term C Loans (each as defined in the Credit Facilities). The Initial Term Loans and Initial Term C Loans will continue to bear interest at a rate equal to, at Vistra Operations’ option, either LIBOR (in the case of the Initial Term Loans and Initial Term C Loans, subject to a LIBOR floor of 0.75%) plus an applicable margin of 2.50% or a base rate plus an applicable margin of 1.50%.

No additional debt was incurred, or any proceeds received, by Vistra Operations in connection with the Repricing Amendment. As a result of the Repricing Amendment, Vistra Operations expects that its annual interest expense with respect to the Credit Facilities will decrease by approximately $5 million (on a pre-tax basis and excluding fees and expenses of approximately $2 million incurred in connection with the Repricing Amendment).

A copy of the Repricing Amendment is included as Exhibit No. 10.1 to this Current Report and is incorporated herein by reference. The above description of the Repricing Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Repricing Amendment.

(d) Exhibits

Vistra Energy Corp. Exhibit
EX-10.1 2 vistra-022018xex101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1Execution VersionSIXTH AMENDMENT TO CREDIT AGREEMENTTHIS SIXTH AMENDMENT TO CREDIT AGREEMENT is dated as of February 20,…
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