Vistra Redeems All 8.0% Series A Preferred Stock at $1,000 a Share

Vistra Corp. (VST ) announced on October 15, 2026 the redemption of all outstanding shares of its 8.0% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series A, $0.01 par value per share, in accordance with the terms and conditions set forth in the stock’s governing documents. All one million shares are being redeemed at a price of $1,000 per share, representing $1.0 billion in aggregate liquidation preference. The Irving, Texas-based company said it had previously declared distributions on the shares payable on October 15, 2026, so there were no accrued and unpaid dividends as of the redemption date.

The redeemed shares carried CUSIP numbers 92840M AB8 for Rule 144A and U92266 AA0 for Regulation S. A formal notice of redemption was delivered to holders of record in accordance with the terms of the Series A Preferred Stock and the applicable procedures of Cede & Co., the nominee of DTC. Equiniti Trust Company, LLC, acting as redemption and paying agent, distributed the official notice of redemption and related materials, which covered payment procedures, the treatment of accrued dividends, and any required holder actions.

On and after the redemption date, the Series A Preferred Stock ceased to be outstanding, dividends ceased to accrue on the shares, and all rights of holders were terminated other than the right to receive the applicable redemption price and any accrued and unpaid dividends payable in accordance with the stock’s terms.

Vistra’s board of directors declared on July 29, 2026 a semi-annual dividend on the Series A preferred stock of $40.00 per preferred share, or $80.00 per share on an annualized basis, payable October 15, 2026, the same date the redemption took effect, to preferred stockholders of record as of October 1, 2026.

2021 Offering and Fixed-Rate Reset Terms

Vistra priced the Series A shares on October 12, 2021, in a private offering of 1,000,000 shares at an offering price of $1,000 per share to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and to certain non-U.S. persons in accordance with Regulation S. Vistra said it would receive gross proceeds of $1 billion before deducting the initial purchaser discount and other estimated offering expenses, with the offering expected to close on October 15, 2021, subject to customary closing conditions.

In the 2021 announcement, Vistra stated that it intended to use the net proceeds from the offering to repurchase its common stock beginning as early as early November 2021, as an initial step in a broader capital allocation plan. The company’s board adopted a new $2 billion share repurchase program the same day, effective immediately and superseding a prior $1.5 billion repurchase program that had approximately $1.325 billion of remaining authorization.

Under the 2021 terms, the annual dividend rate on each share was 8.0% from the original issuance date to, but excluding, October 15, 2026, which the offering documents designated as the First Reset Date. On and after the First Reset Date, the dividend rate was to equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date, subject to a floor of 1.07%, plus a spread of 6.93% per annum. The redemption took effect on the date the 2021 terms had designated as the First Reset Date, when the fixed 8.0% dividend period ended.

The stock carried a liquidation preference of $1,000 per share plus accumulated but unpaid dividends, and cumulative cash dividends were payable semiannually in arrears on each April 15 and October 15, commencing April 15, 2022, when, as and if declared by the board. The shares were not convertible into or exchangeable for any other Vistra securities, carried limited voting rights, and were redeemable at the company’s option in certain circumstances. The stock was not registered under the Securities Act or any state securities laws.

Preferred Stock in Vistra’s Capital Structure

In its Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on August 10, 2026, Vistra reported 2,476,066 preferred shares outstanding in aggregate at both June 30, 2026 and December 31, 2025, each with a $1,000 liquidation preference per share and carried at $2,476 million. The filing identifies three series of preferred stock: the 8.0% Series A, the 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, and the 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, each with $0.01 par value and a $1,000 per-share liquidation preference.

The company’s condensed consolidated cash flow statement reports $96 million of dividends paid to preferred stockholders in the six months ended June 30, 2026. The same filing describes Vistra as a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S., with five reportable segments: Retail, Texas, East, West, and Asset Closure.