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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Amounts in the table below represent the categories of long-term debt obligations, including amounts due currently, incurred by the Company.

			December 31,
			2023						2022
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030			$	2,500					$	2,514
Vistra Operations Senior Secured Notes:
4.875% Senior Secured Notes, due May 13, 2024			400						400
3.550% Senior Secured Notes, due July 15, 2024			1,500						1,500
5.125% Senior Secured Notes, due May 13, 2025			1,100						1,100
3.700% Senior Secured Notes, due January 30, 2027			800						800
4.300% Senior Secured Notes, due July 15, 2029			800						800
6.950% Senior Secured Notes, due October 15, 2033			1,050						—
Total Vistra Operations Senior Secured Notes			5,650						4,600
Vistra Operations Senior Unsecured Notes:
5.500% Senior Unsecured Notes, due September 1, 2026			1,000						1,000
5.625% Senior Unsecured Notes, due February 15, 2027			1,300						1,300
5.000% Senior Unsecured Notes, due July 31, 2027			1,300						1,300
4.375% Senior Unsecured Notes, due May 15, 2029			1,250						1,250
7.750% Senior Unsecured Notes, due October 15, 2031			1,450						—
Total Vistra Operations Senior Unsecured Notes			6,300						4,850
Other:
Equipment Financing Agreements			67						79
Total other long-term debt			67						79
Unamortized debt premiums, discounts and issuance costs			(115)						(72)
Total long-term debt including amounts due currently			14,402						11,971
Less amounts due currently (a)			(2,286)						(38)
Total long-term debt less amounts due currently			$	12,116					$	11,933

____________

(a)    Includes $356 million of the 5.125% senior secured notes due 2025 repurchased for cash as part of the Senior Secured Notes Tender Offer in January 2024 (described below) as the payment was made with current assets on our consolidated balance sheet as of December 31, 2023.

Schedule of Line of Credit Facilities

Our credit facilities and related available capacity at December 31, 2023 are presented below.

												December 31, 2023
Credit Facilities						Maturity Date						Facility Limit						Cash Borrowings						Letters of Credit Outstanding						Available Capacity
Extended Revolving Credit Facility (a)						April 29, 2027						$	3,175					$	—					$	1,962					$	1,213
Term Loan B-3 Facility (b)						December 20, 2030						2,500						2,500						—						—
Total Vistra Operations Credit Facilities												$	5,675					$	2,500					$	1,962					$	1,213
Commodity-Linked Facility (c)						October 2, 2024						$	1,575					$	—					—						$	1,101
Total Credit Facilities												$	7,250					$	2,500					$	1,962					$	2,314

___________

(a)Extended Revolving Credit Facility is used for general corporate purposes. Cash borrowings under the Extended Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. The full amount of Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. In December 2022, Vistra Operations terminated $350 million in Extended Revolving Credit Facility commitments.

(b)Effective December 20, 2023, cash borrowings under the Term Loan B-3 Facility are subject to required scheduled quarterly payments of $6.25 million beginning in March 2024. Amounts paid cannot be reborrowed.

(c)Commodity-Linked Facility (defined below) is used to support our comprehensive hedging strategy. As of December 31, 2023, the borrowing base of $1.101 billion is lower than the facility limit which represents aggregate commitments of $1.575 billion. See Commodity-Linked Revolving Credit Facility below for discussion of the borrowing base calculation. The Commodity-Linked Facility was amended in October 2023, increasing the aggregate commitments to $1.575 billion and extending the term to October 2024. The deemed hedge portfolio was also updated to reflect current hedge positions, including the addition of the 2025 deemed hedges. Cash borrowings under the Commodity-Linked Facility are reported in short-term borrowings in our consolidated balance sheets.

Schedule of Interest Rate Derivatives

Vistra employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2023, Vistra has entered into the following series of interest rate swap transactions. The rate ranges in the table below reflect the fixed leg of each swap plus an interest margin of 2.00%. The February 2024 and July 2026 swaps were amended in the second quarter of 2023 to reflect the conversion of LIBOR to SOFR.

						Notional Amount						Expiration Date						Rate Range
Swapped to fixed						$600						February 2024						3.86		%	-			3.88%
Swapped to variable						$600						February 2024						3.35		%	-			3.36%
Swapped to fixed						$3,000						July 2026						4.89		%	-			4.97%
Swapped to variable						$700						July 2026						3.44		%	-			3.49%
Swapped to fixed (a)						$1,625						December 2030						5.20		%	-			5.37%

____________

(a)Effective from July 2026 through December 2030.

Schedule of Maturities of Long-Term Debt

Long-term debt maturities at December 31, 2023 are as follows:

			December 31, 2023
2024			$	2,293
2025			779
2026			1,031
2027			3,427
2028			27
Thereafter			6,960
Unamortized premiums, discounts and debt issuance costs			(115)
Total long-term debt, including amounts due currently			$	14,402

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