Vistra Corp. announced that its wholly owned subsidiary, Vistra Operations Company LLC, completed a $2.25 billion private placement of senior secured notes on January 22, 2026. The offering consists of $1.0 billion of 4.70% notes due 2031 and $1.25 billion of 5.35% notes due 2036, generating approximately $2.225 billion in net proceeds after fees.

Vistra said the proceeds, together with cash on hand, will be used primarily to fund part of the consideration for its previously announced acquisition of Cogentrix Energy, as well as for general corporate purposes, including debt repayment and transaction-related costs. The notes are guaranteed by certain subsidiaries and secured by first-priority liens on substantially the same collateral supporting Vistra’s existing credit facilities.