VICI Properties Announces Pricing Of Public Offering Of $1.05B Of Senior Unsecured Notes

Author: Benzinga Newsdesk | March 07, 2024 05:50pm

VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or the "Company") announced today that its subsidiary, VICI Properties L.P. (the "Issuer"), has priced a public offering of $1.05 billion in aggregate principal amount of senior unsecured notes (the "Notes") consisting of:

• $550 million aggregate principal amount of 5.750% senior unsecured notes due 2034 (the "2034 Notes"). The 2034 Notes will be issued at 99.186% of par value and will mature on April 1, 2034.
• $500 million aggregate principal amount of 6.125% senior unsecured notes due 2054 (the "2054 Notes"). The 2054 Notes will be issued at 98.192% of par value and will mature on April 1, 2054.

Interest on the 2034 Notes and the 2054 Notes is payable in cash in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The offering is expected to close on March 18, 2024, subject to the satisfaction of customary closing conditions.

The Issuer intends to use the net proceeds from the offering to repay its outstanding (i) $1,024.2 million in aggregate principal amount of the 5.625% senior exchange notes due 2024 and (ii) $25.8 million in aggregate principal amount of the 5.625% senior notes due 2024.

Posted In: VICI