Dynegy

exited

Energy — Blackstone / Various PE creditors

Deal Terms

Entry Year2012

Entry EV$6.3B

Entry Multiple5x

Leverage6x

Debt Amount$3.78B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

Power generator emerged from 2012 bankruptcy. Blackstone and PE creditors took control. Acquired multiple coal/gas plants on leverage. Merged with Vistra Energy (2018) for $1.7B. Power market volatility made the leveraged strategy dangerous. Vistra has since benefited from AI power demand.

Sponsor

Blackstone$1270B AUM