Vistra Prices Registered Offering of $1.5 Billion of Junior Subordinated Notes

Vistra Corp. (NYSE: VST ) (the "Company" or "Vistra") announced today the pricing of an underwritten public offering (the "Offering") of $850 million aggregate principal amount of Series A junior subordinated notes due 2057 at a price to the public of 100.000% of their face value (the "Series A Notes") and $650 million aggregate principal amount of Series B junior subordinated notes due 2057 at a price to the public of 100.000% of their face value (the "Series B Notes" and, together with the Series A Notes, the "Notes"). The Notes will be junior subordinated, unsecured obligations of Vistra Operations Company LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of the Company (the "Issuer"). The Notes will be irrevocably and unconditionally guaranteed by the Company. Initially, the Series A Notes will bear interest at an annual rate of 7.00% and the Series B Notes will bear interest at an annual rate of 7.25%. The Issuer intends to use the net proceeds of the Offering for general corporate purposes, including to make distributions to Vistra to fund the redemption of some or all of Vistra's outstanding 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock and 7.0% Series B Fixed-Rate Reset Cumulative Redeemable Green Perpetual Preferred Stock, upon or following their respective five-year reset dates in October 2026 and December 2026. Pending use of the net offering proceeds as described above, the Issuer intends to invest the net proceeds in short-term interest-bearing accounts, securities or similar investments. The Offering is expected to close on September 24, 2026, subject to customary closing conditions. Barclays, BofA Securities, Mizuho, MUFG, Truist Securities, BBVA, BMO Capital Markets, Citigroup, Credit Agricole CIB, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, Natixis, PNC Capital Markets LLC, RBC Capital Markets, Santander, Scotiabank, SMBC Nikko, SOCIETE GENERALE, Wells Fargo Securities, KeyBanc Capital Markets and US Bancorp are acting as joint book-running managers for the Offering. The Offering is being made pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission ("SEC") on September 9, 2026. The Offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and may be obtained for free by visiting the SEC's website at www.sec.gov . A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus can be obtained, when available, from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847, or by email at [email protected] ; BofA Securities, Inc., Attn: Prospectus Department, 201 North Tryon Street, NC1-022-02-25, Charlotte NC 28255-0001, by telephone at (800) 294-1322, or by e-mail: [email protected] ; Mizuho Securities USA LLC, Attention: Debt Capital Markets, 1271 Avenue of the Americas, New York, NY 10020, by telephone at (866) 271-7403, or by email at [email protected] ; MUFG Securities Americas Inc., Attn: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, NY 10020, or by telephone at (877) 649-6848; and Truist Securities, Inc., Attn: Prospectus Department, 740 Battery Avenue SE, 3rd Fl, Atlanta, Georgia 30339 or by telephone at 1-800-685-4786. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities ...