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    Vistra Corp (VST)

    Board Change
    New Share Buyback Program

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    Vistra Corp. operates as an integrated retail electricity and power generation company primarily in the U.S. markets. The company engages in competitive energy market activities, including electricity generation, wholesale energy sales and purchases, commodity risk management, and retail sales of electricity and natural gas to end users . Vistra's operations are divided into six reportable business segments: Retail, Texas, East, West, Sunset, and Asset Closure . The company provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia .

    1. Retail - Provides electricity and natural gas to approximately 4 million residential, commercial, and industrial customers across 20 states and the District of Columbia through brands such as TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, and U.S. Gas & Electric .
    2. Texas - Focuses on electricity generation operations in the ERCOT market .
    3. East - Covers operations in the Eastern Interconnection of the U.S. electric grid, including PJM, ISO-NE, and NYISO markets .
    4. West - Engages in electricity generation and related activities in the western U.S. markets .
    5. Sunset - Manages plants with announced retirement dates .
    6. Asset Closure - Involves the decommissioning of retired plants and mines .
    NamePositionStart DateShort Bio
    Kristopher E. MoldovanExecutive Vice President and Chief Financial OfficerAugust 2022Kristopher E. Moldovan has been with Vistra and its predecessor companies since 2006. He served as Senior Vice President and Treasurer from 2017 to 2022, and Assistant Treasurer from 2010 to 2017. He originally joined as Senior Counsel, focusing on finance and M&A .
    Stacey DoréChief Strategy & Sustainability Officer, Executive Vice President of Public AffairsAugust 2022Stacey Doré is responsible for corporate strategy, sustainability, regulatory and government affairs, communications, and community engagement. She was previously the president and CEO of Hunt Utility Services and Sharyland Utilities from 2019 to 2021 .
    Scott A. HudsonExecutive Vice President and President of Vistra RetailFebruary 2020Scott A. Hudson oversees all of the company's retail electricity brands. He was promoted to Executive Vice President in January 2022 and previously served as Senior Vice President of Vistra Corporate Services Company and President of TXU Energy .
    Carrie Lee KirbyExecutive Vice President and Chief Administrative OfficerOctober 3, 2016Carrie Lee Kirby was previously the Executive Vice President of Human Resources for Vistra's predecessor, leading HR functions across its subsidiaries. She joined TXU Energy in 2006 as a Human Resources Director .
    Stephanie Zapata MooreExecutive Vice President, General Counsel, and Chief Compliance OfficerOctober 2016Stephanie Zapata Moore has been with Vistra since November 2005, initially serving as Counsel and Senior Counsel. She became Vice President and General Counsel of Luminant in April 2012 before her current roles .
    Stephen J. MuscatoExecutive Vice President and President of Wholesale Operations & DevelopmentJanuary 2023Stephen J. Muscato was the Chief Commercial Officer starting in February 2020. He has held various senior leadership positions within Vistra and its subsidiaries, including Senior Vice President and Chief Commercial Officer of Luminant .
    John W. (Bill) PitesaIndependent Director and Chair of the Nuclear Oversight CommitteeMarch 2024 (expected)Bill Pitesa has extensive experience in the nuclear industry, including serving as the chief nuclear officer at Duke Energy and the Nuclear Energy Institute. He holds a Bachelor of Science degree in electrical engineering from Auburn University and is a registered professional engineer in North Carolina .
    1. Given the FERC's recent rejection of the amended interconnection service agreement for data center co-location at your Susquehanna nuclear plant, how do you plan to navigate regulatory hurdles to advance your co-location projects, and what alternative strategies are you considering?

    2. With your net leverage expected to move slightly above 3x following the acquisition of the Vistra Vision 15% minority interest, how confident are you in your ability to quickly deleverage while executing on significant capital return plans and growth projects?

    3. Considering the uncertainty in policy changes affecting new gas and coal builds, especially after the recent election results, how does Vistra plan to manage the risk of investing in long-term assets amid potential regulatory shifts?

    4. Despite significant load growth projections from data centers and other industries in ERCOT and PJM, what challenges do you foresee in capturing these opportunities, particularly in light of infrastructure constraints and competition from other regions?

    5. Given the elevated free cash flow yield and your commitment to share repurchases, how do you balance returning capital to shareholders with the need to invest in growth opportunities like data center partnerships and renewable projects?

    Program DetailsProgram 1Program 2Program 3Program 4Program 5
    Approval DateOctober 11, 2021 August 2022 March 2023 February 2024 October 2024
    End Date/DurationEnd of 2026 End of 2026 End of 2026 End of 2026 End of 2026
    Total Additional Amount$2.0 billion $1.25 billion $1.0 billion $1.5 billion $1.0 billion
    Remaining Authorization$0 $0 $0 $0.236 billion $1.0 billion
    DetailsTotal authorized as of November 4, 2024: $6.75 billion Total authorized as of November 4, 2024: $6.75 billion Total authorized as of November 4, 2024: $6.75 billion Total authorized as of November 4, 2024: $6.75 billion Total authorized as of November 4, 2024: $6.75 billion
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$20 Commodity-Linked Facility4.875 0.1% = (20 / 14,730) * 100
    2024$750 Accounts Receivable FinancingN/A5.1% = (750 / 14,730) * 100
    2025$744 Senior Secured Notes5.125 5.1% = (744 / 14,730) * 100
    2025$41 Other Long-Term DebtN/A0.3% = (41 / 14,730) * 100
    2026$1,038 Senior Unsecured Notes5.500 7.0% = (1,038 / 14,730) * 100
    2027$3,434 Multiple Notes (Secured/Unsecured)3.700-5.625 23.3% = (3,434 / 14,730) * 100
    2028$34 N/AN/A0.2% = (34 / 14,730) * 100
    2029N/ASenior Secured/Unsecured Notes4.300-4.375 N/A
    2031N/ASenior Unsecured Notes7.750 N/A
    2032N/ASenior Unsecured Notes6.875 N/A
    2033N/ASenior Secured Notes6.950 N/A
    2034N/ASenior Secured Notes6.000 N/A
    Thereafter$9,558 VariousN/A64.9% = (9,558 / 14,730) * 100
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor

    Recent developments and announcements about VST.

    Corporate Leadership

      Board Change

      ·
      Dec 30, 2024, 9:58 PM

      Rob Walters has been appointed as an independent director to the board of Vistra Corp, effective December 30, 2024. He will serve on the Sustainability and Risk Committee and the Nominating and Governance Committee, expanding the board to 11 members.

      Leadership Change

      ·
      Nov 20, 2024, 11:02 PM

      Stephen J. Muscato is leaving his position as Executive Vice President and President of Vistra Wholesale Operations & Development effective January 1, 2025. He will retire from Vistra Corp. on or about April 1, 2025. His responsibilities will be assumed by current members of the leadership team to ensure a smooth transition .

    Financial Actions

      Debt Issuance

      ·
      Dec 16, 2024, 11:34 AM

      Vistra Operations Company LLC, a subsidiary of Vistra Corp., has recently entered into a Credit Agreement Amendment on December 10, 2024. This amendment involves several key changes to their financial obligations:

      1. Interest Rate Reduction: The amendment reduces the interest rate margins applicable to both ABR Loans and Term SOFR Loans by 25 basis points. This change is likely to decrease the company's interest expenses, potentially improving its financial health by reducing the cost of borrowing .

      2. Amendment of Provisions: The amendment also includes changes to other provisions of the Credit Agreement, which could affect the company's financial flexibility and operational strategies .

      3. Seventeenth Amendment Repricing Transaction: This involves prepayment or repayment of 2018 Incremental Term Loans with new or replacement loans aimed at reducing the yield on these loans. This could potentially improve the company's balance sheet by optimizing its debt structure .

      These changes are part of Vistra's ongoing efforts to manage its financial obligations effectively, which could have a positive impact on its balance sheet and overall financial health. The amendment is documented in the company's Form 8-K filed with the SEC .

      Debt Issuance

      ·
      Dec 9, 2024, 10:47 PM

      VST has recently created a direct financial obligation or entered into an off-balance sheet arrangement. The details of this obligation are incorporated by reference in Item 1.01 of their current report .

      New Share Buyback Program

      ·
      Dec 9, 2024, 10:46 PM

      The new buyback program involves an offer to repurchase notes upon a Change of Control Trigger Event. Holders can require the company to repurchase their notes at 101% of the principal amount, plus accrued interest. This offer must be made within 30 days of the event, with a purchase date set between 10 to 60 days from the notice .