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Vistra Announces $2 Billion Share Repurchase Program
Vistra Announces $2 Billion Share Repurchase Program Company Prices Private Off...
About this update from Victory Square Technologies Inc
[{"type":"text","content":"\n \n \n \n Vistra Announces $2 Billion Share Repurchase Program\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Company Prices Private Offering of $1 Billion of Series A Preferred Stock with Net Proceeds to be Used to Repurchase Common Stock\n \n \n PR Newswire\n \n \n \n \n \n IRVING, Texas\n \n ,\n \n Oct. 12, 2021\n \n /PRNewswire/ -- Vistra Corp. (NYSE: VST) (the \"Company\" or \"Vistra\") today announced a new\n \n $2 billion\n \n share repurchase program and the pricing of a private offering (the \"Offering\") of 1,000,000 shares of its 8% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (the \"Preferred Stock\") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, at an offering price of\n \n $1,000\n \n per share. The Company will receive gross proceeds of\n \n $1 billion\n \n from the sale of the Preferred Stock before deducting the initial purchaser discount and other estimated offering expenses. The Offering is expected to close on\n \n Oct. 15, 2021\n \n , subject to customary closing conditions.\n \n \n \n \n \n \n \n \n \n As an initial step in its broader capital allocation plan, the Company intends to use the net proceeds from the Offering to repurchase its common stock beginning as early as early\n \n November 2021\n \n . Vistra's Board of Directors (\"Board\") has adopted a new\n \n $2 billion\n \n share repurchase program, effective immediately (superseding its prior\n \n $1.5 billion\n \n repurchase program, which had approximately\n \n $1.325 billion\n \n of remaining authorization). The Company intends to execute the share repurchases under this new program from\n \n November 2021\n \n to the end of\n \n December 2022\n \n . The timing and amount of share repurchases will be announced publicly each quarter in arrears, consistent with Vistra's historical practice.\n \n \n The share repurchase program announce...