EX-5.1 2 d561329dex51.htm EX-5.1 EX-5.1

Exhibit 5.1

 

 

LOGO

 

SIDLEY AUSTIN LLP

2021 MCKINNEY AVENUE, SUITE 2000

DALLAS, TX 75201

+1 214 981 3300

+1 214 981 3400 FAX

 

AMERICA • ASIA PACIFIC • EUROPE

 

July 20, 2018

  

Vistra Energy Corp.

6555 Sierra Drive

Irving, Texas 75039

 

  Re: 8.125% Senior Notes due 2026

Ladies and Gentlemen:

We refer to the Registration Statement on Form S-4 (the “Registration Statement”) being filed by Vistra Energy Corp., a Delaware corporation (the “Company”), and the direct and indirect subsidiaries of the Company listed in Schedule I hereto (the “Guarantors”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), relating to the registration of $850,000,000 principal amount of the Company’s 8.125% Senior Notes due 2026 (the “New Notes”) and the related guarantees of the New Notes (the “New Guarantees”) by the Guarantors, which are to be offered in exchange for an equivalent aggregate principal amount of the Company’s outstanding 8.125% Senior Notes due 2026 (the “Old Notes”) and the related guarantees of the Old Notes (the “Old Guarantees”) by the guarantors thereof (the “Old Guarantors”). The Old Notes and the Old Guarantees were, and the New Notes and the New Guarantees will be, issued under an Indenture dated as of August 21, 2017 (the “Original Indenture”) among the Company, as successor in interest to Dynegy Inc. (“Dynegy”), the Old Guarantors and Wilmington Trust, National Association, as trustee (the “Trustee”), as amended by the First Supplemental Indenture, dated as of April 9, 2018 (the “First Supplemental Indenture”), and the Second Supplemental Indenture, dated as of June 14, 2018 (together with the Original Indenture and the First Supplemental Indenture, the “Indenture”).

This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

We have examined the Registration Statement, the Indenture and the resolutions adopted by the board of directors of the Company relating to the Registration Statement and the issuance of the New Notes by the Company and the resolutions adopted by the board of directors or similar governing body of each Guarantor relating to the Registration Statement and the issuance by each of the Guarantors identified on Schedule II hereto (collectively, the “Specified Guarantors”) of the New Guarantee of such Specified Guarantor. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and statements of the Company and the Specified Guarantors and other documents and instruments, and have examined such questions of law, as we have considered relevant and necessary as a basis for this opinion letter. We have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the legal capacity of all persons


Vistra Energy Corp.

July 20, 2018

Page 2

 

and the conformity with the original documents of any copies thereof submitted to us for examination. As to facts relevant to the opinions expressed herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of, certificates, letters and oral and written statements and representations of public officials and officers of the Company and the Specified Guarantors and other representatives of the Company and the Specified Guarantors.

Based on and subject to the foregoing and the other limitations and qualifications set forth herein, we are of the opinion that the New Notes will be validly issued and binding obligations of the Company and the New Guarantees by the Specified Guarantors will be valid and binding obligations of the Specified Guarantors when:

(i) the Registration Statement, as finally amended, shall have become effective under the Securities Act and the Indenture shall have been qualified under the Trust Indenture Act of 1939, as amended; and

(ii) the New Notes shall have been duly executed by authorized officers of the Company and authenticated by the Trustee, all in accordance with the Indenture, and shall have been duly delivered against surrender and cancellation of a like principal amount of the Old Notes in the manner described in the Registration Statement.

Our opinion is subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer, voidable transaction and other similar laws relating to or affecting creditors’ rights generally and to general equitable principles (regardless of whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief. Our opinion is also subject to (i) provisions of law which may require that a judgment for money damages rendered by a court in the United States of America be expressed only in United States dollars, (ii) requirements that a claim with respect to any debt securities or other obligations that are denominated or payable other than in United States dollars (or a judgment denominated or payable other than in United States dollars in respect of such claim) be converted into United States dollars at a rate of exchange prevailing on a date determined pursuant to applicable law and (iii) governmental authority to limit, delay or prohibit the making of payments outside of the United States of America or in a foreign currency.

With respect to each instrument or agreement referred to in or otherwise relevant to the opinions set forth herein (each, an “Instrument”), we have assumed, to the extent relevant to the opinions set forth herein, that (i) each party to such Instrument (if not a natural person) was duly organized or formed, as the case may be, and was at all relevant times and is validly existing and in good standing under the laws of its jurisdiction of organization or formation, as the case may be, and had at all relevant times and has full right, power and authority to execute, deliver and perform its obligations under such Instrument, (ii) such Instrument has been duly authorized, executed and delivered by each party thereto and (iii) such Instrument was at all times and is a valid, binding and enforceable agreement or obligation, as the case may be, of each party thereto; provided that (x) we make no such assumption in clause (i) or (ii) insofar as such assumption relates to the Company or the Specified Guarantors and (y) we make no assumption in clause (iii) insofar as such assumption relates to the Company or any Guarator. We have also assumed that no event has occurred or will occur that would cause the release of the New Guarantee by any Guarantor under the terms of the Indenture.


Vistra Energy Corp.

July 20, 2018

Page 3

 

This opinion letter is limited to the General Corporation Law of the State of Delaware, the Limited Liability Company Act of the State of Delaware, and the laws of the States of Illinois, Texas and New York (excluding the securities laws of such States). We express no opinion as to the laws, rules or regulations of any other jurisdiction, including, without limitation, the federal laws of the United States of America or any state securities or blue sky laws.

We hereby consent to the filing of this opinion letter as an Exhibit to the Registration Statement and to all references to our Firm included in or made a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Sidley Austin LLP


Schedule I

Guarantors

 

Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization

ANP Bellingham Energy Company, LLC

   Delaware

ANP Blackstone Energy Company, LLC

   Delaware

Big Brown Power Company LLC

   Texas

Brighten Energy LLC

   Delaware

Calumet Energy Team, LLC

   Delaware

Casco Bay Energy Company, LLC

   Delaware

Coffeen and Western Railroad Company

   Illinois

Coleto Creek Power, LLC

   Delaware

Comanche Peak Power Company LLC

   Delaware

Dallas Power & Light Company, Inc.

   Texas

Dynegy Administrative Services Company

   Delaware

Dynegy Associates Northeast LP, Inc.

   Delaware

Dynegy Coal Generation, LLC

   Delaware

Dynegy Coal Holdco, LLC

   Delaware

Dynegy Coal Trading & Transportation, L.L.C.

   Delaware

Dynegy Commercial Asset Management, LLC

   Ohio

Dynegy Conesville, LLC

   Delaware

Dynegy Dicks Creek, LLC

   Delaware

Dynegy Energy Services (East), LLC

   Delaware

Dynegy Energy Services, LLC

   Delaware

Dynegy Fayette II, LLC

   Delaware

Dynegy Gas Imports, LLC

   Delaware

Dynegy Hanging Rock II, LLC

   Delaware


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
Dynegy Kendall Energy, LLC    Delaware

Dynegy Killen, LLC

   Delaware

Dynegy Marketing and Trade, LLC

   Delaware

Dynegy Miami Fort, LLC

   Delaware

Dynegy Midwest Generation, LLC

   Delaware

Dynegy Morro Bay, LLC

   Delaware

Dynegy Moss Landing, LLC

   Delaware

Dynegy Northeast Generation GP, Inc.

   Delaware

Dynegy Oakland, LLC

   Delaware

Dynegy Operating Company

   Texas

Dynegy Power Generation, Inc.

   Delaware

Dynegy Power Marketing, LLC

   Texas

Dynegy Power, LLC

   Delaware

Dynegy Resource II, LLC

   Delaware

Dynegy Resources Generating Holdco, LLC

   Delaware

Dynegy South Bay, LLC

   Delaware

Dynegy Stuart, LLC

   Delaware

Dynegy Washington II, LLC

   Delaware

Dynegy Zimmer, LLC

   Delaware

Ennis Power Company, LLC

   Delaware

EquiPower Resources Corp.

   Delaware

Forney Pipeline, LLC

   Delaware

Generation SVC Company

   Texas

Havana Dock Enterprises, LLC

   Delaware

Hays Energy, LLC

   Delaware

Hopewell Power Generation, LLC

   Delaware

La Frontera Holdings, LLC

   Delaware


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
Lone Star Energy Company, Inc.    Texas

Lone Star Pipeline Company, Inc.

   Texas

Luminant Energy Company LLC

   Texas

Luminant Energy Trading California Company

   Texas

Luminant ET Services Company LLC

   Texas

Luminant Generation Company LLC

   Texas

Luminant Mining Company LLC

   Texas

Illinois Power Generating Company

   Illinois

Illinois Power Marketing Company

   Illinois

Illinois Power Resources Generating, LLC

   Delaware

Illinois Power Resources, LLC

   Delaware

Illinova Corporation

   Illinois

IPH, LLC

   Delaware

Kincaid Generation, L.L.C.

   Virginia

Lake Road Generating Company, LLC

   Delaware

Liberty Electric Power, LLC

   Delaware

Masspower, LLC

   Massachusetts

Midlothian Energy, LLC

   Delaware

Milford Power Company, LLC

   Delaware

NCA Resources Development Company LLC

   Texas

NEPCO Services Company

   Pennsylvania

Northeastern Power Company

   Pennsylvania

Oak Grove Management Company LLC

   Delaware

Ontelaunee Power Operating Company, LLC

   Delaware

Pleasants Energy, LLC

   Delaware

Richland-Stryker Generation LLC

   Delaware

Sandow Power Company LLC

   Texas

Sithe Energies, Inc.

   Delaware


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
Sithe/Independence LLC    Delaware

Southwestern Electric Service Company, Inc.

   Texas

Texas Electric Service Company, Inc.

   Texas

Texas Power & Light Company, Inc.

   Texas

Texas Utilities Electric Company, Inc.

   Texas

T-Fuels, LLC

   Delaware

TXU Energy Retail Company LLC

   Texas

TXU Retail Services Company

   Delaware

Upton County Solar 2, LLC

   Delaware

Value Based Brands LLC

   Texas

Vistra Asset Company LLC

   Delaware

Vistra Corporate Services Company

   Texas

Vistra EP Properties Company

   Texas

Vistra Finance Corp.

   Delaware

Vistra Intermediate Company LLC

   Delaware

Vistra Operations Company LLC

   Delaware

Vistra Preferred Inc.

   Delaware

Wharton County Generation, LLC

   Texas

Wise County Power Company, LLC

   Delaware

Wise-Fuels Pipeline, Inc.

   Texas


Schedule II

Specified Guarantors

 

Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization

ANP Bellingham Energy Company, LLC

   Delaware

ANP Blackstone Energy Company, LLC

   Delaware

Big Brown Power Company LLC

   Texas

Brighten Energy LLC

   Delaware

Calumet Energy Team, LLC

   Delaware

Casco Bay Energy Company, LLC

   Delaware

Coffeen and Western Railroad Company

   Illinois

Coleto Creek Power, LLC

   Delaware

Comanche Peak Power Company LLC

   Delaware

Dallas Power & Light Company, Inc.

   Texas

Dynegy Administrative Services Company

   Delaware

Dynegy Associates Northeast LP, Inc.

   Delaware

Dynegy Coal Generation, LLC

   Delaware

Dynegy Coal Holdco, LLC

   Delaware

Dynegy Coal Trading & Transportation, L.L.C.

   Delaware

Dynegy Conesville, LLC

   Delaware

Dynegy Dicks Creek, LLC

   Delaware

Dynegy Energy Services (East), LLC

   Delaware

Dynegy Energy Services, LLC

   Delaware

Dynegy Fayette II, LLC

   Delaware

Dynegy Gas Imports, LLC

   Delaware

Dynegy Hanging Rock II, LLC

   Delaware

Dynegy Kendall Energy, LLC

   Delaware


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
Dynegy Killen, LLC    Delaware

Dynegy Marketing and Trade, LLC

   Delaware

Dynegy Miami Fort, LLC

   Delaware

Dynegy Midwest Generation, LLC

   Delaware

Dynegy Morro Bay, LLC

   Delaware

Dynegy Moss Landing, LLC

   Delaware

Dynegy Northeast Generation GP, Inc.

   Delaware

Dynegy Oakland, LLC

   Delaware

Dynegy Operating Company

   Texas

Dynegy Power Generation, Inc.

   Delaware

Dynegy Power Marketing, LLC

   Texas

Dynegy Power, LLC

   Delaware

Dynegy Resource II, LLC

   Delaware

Dynegy Resources Generating Holdco, LLC

   Delaware

Dynegy South Bay, LLC

   Delaware

Dynegy Stuart, LLC

   Delaware

Dynegy Washington II, LLC

   Delaware

Dynegy Zimmer, LLC

   Delaware

Ennis Power Company, LLC

   Delaware

EquiPower Resources Corp.

   Delaware

Forney Pipeline, LLC

   Delaware

Generation SVC Company

   Texas

Havana Dock Enterprises, LLC

   Delaware

Hays Energy, LLC

   Delaware

Hopewell Power Generation, LLC

   Delaware

Illinois Power Generating Company

   Illinois

Illinois Power Marketing Company

   Illinois


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
 

Illinois Power Resources, LLC

     Delaware  
Illinois Power Resources Generating, LLC      Delaware  

Illinova Corporation

     Illinois  

La Frontera Holdings, LLC

     Delaware  

Lone Star Energy Company, Inc.

     Texas  

Lone Star Pipeline Company, Inc.

     Texas  

Luminant Energy Company LLC

     Texas  

Luminant Energy Trading California Company

     Texas  

Luminant ET Services Company LLC

     Texas  

Luminant Generation Company LLC

     Texas  

Luminant Mining Company LLC

     Texas  

IPH, LLC

     Delaware  

Lake Road Generating Company, LLC

     Delaware  

Liberty Electric Power, LLC

     Delaware  

Midlothian Energy, LLC

     Delaware  

Milford Power Company, LLC

     Delaware  

NCA Resources Development Company LLC

     Texas  

Oak Grove Management Company LLC

     Delaware  

Ontelaunee Power Operating Company, LLC

     Delaware  

Pleasants Energy, LLC

     Delaware  

Richland-Stryker Generation LLC

     Delaware  

Sandow Power Company LLC

     Texas  

Sithe Energies, Inc.

     Delaware  

Sithe/Independence LLC

     Delaware  

Southwestern Electric Service Company, Inc.

     Texas  

Texas Electric Service Company, Inc.

     Texas  

Texas Power & Light Company, Inc.

     Texas  


Name of Guarantor

   State or Other
Jurisdiction of
Incorporation or
Organization
Texas Utilities Electric Company, Inc.    Texas

T-Fuels, LLC

   Delaware

TXU Energy Retail Company LLC

   Texas

TXU Retail Services Company

   Delaware

Upton County Solar 2, LLC

   Delaware

Value Based Brands LLC

   Texas

Vistra Asset Company LLC

   Delaware

Vistra Corporate Services Company

   Texas

Vistra EP Properties Company

   Texas

Vistra Finance Corp.

   Delaware

Vistra Intermediate Company LLC

   Delaware

Vistra Operations Company LLC

   Delaware

Vistra Preferred Inc.

   Delaware

Wharton County Generation, LLC

   Texas

Wise County Power Company, LLC

   Delaware

Wise-Fuels Pipeline, Inc.

   Texas