Vistra Corp. (VST) said Thursday it launched a public offering of multiple series of junior subordinated unsecured notes.

The notes will be issued by Vistra Operations Company LLC, an indirect wholly owned subsidiary. Vistra will irrevocably and unconditionally guarantee the notes.

Launches Offering Of Junior Subordinated Notes

Vistra plans to use the net proceeds for general corporate purposes. That includes funding the redemption of some or all of its outstanding preferred stock.

The company could redeem its 8% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock following its five-year reset date in October 2026.

It could also redeem its 7% Series B Fixed-Rate Reset Cumulative Redeemable Green Perpetual Preferred Stock following its reset date in December 2026.

Until the proceeds are deployed, Vistra plans to invest the funds in short-term interest-bearing accounts, securities or similar investments.

The offering effectively allows Vistra to refinance part of its capital structure by issuing new subordinated debt and using the proceeds to redeem some or all of its 8% Series A and 7% Series B perpetual preferred stock.

The move comes ahead of the preferred shares' five-year reset dates later this year.

Banks Lead Offering

Barclays, BofA Securities, Mizuho, MUFG and Truist Securities are among the joint book-running managers. Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, Citigroup and Wells Fargo Securities are also participating.

The offering is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission on Wednesday.

Stock Performance And Technical Analysis

Vistra stock edged lower Thursday as utilities slipped with the broader market. The stock remains in a mixed technical setup.

The stock trades above its 20-day simple moving average of $142.88 and 50-day SMA of $149.04. However, it remains below its 100-day SMA of $151.83 and 200-day SMA of $157.40.

Momentum has improved. The MACD is above its signal line, while the histogram is positive. That suggests recent selling pressure is easing.

However, Vistra remains in longer-term repair mode after its 50-day SMA crossed below the 200-day SMA in January. The stock has fallen 27.45% over the past 12 months.

Key resistance sits near $168, while support is around $134.50.

Vistra Analyst Outlook

Analysts maintain a Buy consensus rating on Vistra, with an average price forecast of $228.83.

Morgan Stanley recently maintained an Overweight rating and raised its price forecast to $227. TD Cowen maintained Buy but lowered its forecast to $221. Mizuho initiated coverage with an Outperform rating and a $169 forecast.

MarketDash Edge

Vistra scores weakly on MarketDash Edge, with Momentum at 16.47, Value at 27.95 and Growth at 27.26.

The setup remains mixed. Improving short-term momentum is a positive sign, but a sustained move above the 100-day and 200-day averages could provide stronger confirmation of a trend reversal.

Vistra Price Action

Vistra shares were down 0.12% at $150.93 at the time of publication Thursday, according to market data.