Crius Receives FERC Approval for Vistra Transaction; Closing Expected on July 15, 2019

Source Press Release
Company Crius Energy TrustVistra Energy 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date July 09, 2019

Crius Energy Trust (the "Trust" or "Crius Energy") (TSX: KWH.UN) is pleased to announce that it has received approval from the Federal Energy Regulatory Commission ("FERC") to complete the transactions contemplated in the purchase agreement made as of February 7, 2019 (as amended on February 19, 2019, and as may be further amended in accordance with its terms) among the Trust, Crius Energy Commercial Trust,  Vistra Energy Corp. ("Vistra") and Vienna Acquisition B.C. Ltd. a wholly-owned subsidiary of Vistra (such transactions, collectively, the "Vistra Transaction"). FERC approval was a condition precedent to completing the Vistra Transaction.

With the receipt of FERC approval, the parties have now received all regulatory and corporate approvals required to complete the Vistra Transaction, including overwhelming approval of the Vistra Transaction from the unitholders of the Trust at the special meeting of the unitholders of the Trust held on March 28, 2019.

The parties expect to close the Vistra Transaction on July 15, 2019, subject to the satisfaction or waiver of other customary closing conditions, and wish to make unitholders aware of the following key dates:

  • Declared Distribution Payment (C$0.209): Unitholders can expect to receive payment of the previously-declared distribution of C$0.209 per trust unit of the Trust for the first quarter of 2019 (with a distribution record date of March 26, 2019) on July 15, 2019.

  • Cash Consideration Payment (C$8.80): Unitholders can expect to receive payment of the cash purchase price of C$8.80 per trust unit of the Trust on or about July 18, 2019 (following the redemption of the trust units of the Trust and winding-up of the Trust).
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