Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%)

We recommend BUY – the new Vista 2033s offer an attractive entry point, with yield pickup and lower duration compared to the 2035s.

On June 4, 2025, Vista Energy successfully priced a US$500 million 2033 senior unsecured bond at par to yield 8.5%. The final pricing is in line with the initial price talk of mid 8% and the guidance of 8.5%. The notes are expected to be rated BB- by Fitch. Proceeds are expected to be used for general corporate purposes, including the refinancing of existing debt and capital expenditures. The notes are governed by NY law.

The notes have a 7-year weighted average life, with semiannual interest payments and soft bullet amortization through three equal annual installments in 2031, 2032, and 2033.