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VICI Properties prices $1.05 billion senior notes offering

EditorLina Guerrero
Published 03/07/2024, 04:46 PM
© Reuters.

NEW YORK - VICI Properties Inc. (NYSE:VICI), a prominent experiential real estate investment trust, has announced the pricing of a $1.05 billion public offering of senior unsecured notes by its subsidiary, VICI Properties L.P. The offering consists of two tranches: $550 million of 5.750% notes due 2034 and $500 million of 6.125% notes due 2054, set to mature on April 1 of their respective years.

The 2034 notes are being issued at 99.186% of par value, while the 2054 notes are at 98.192%. Interest is payable semi-annually on April 1 and October 1, starting from October 1, 2024. The anticipated closing date for the offering is March 18, 2024, subject to standard closing conditions.

Proceeds from the sale are intended to repay existing senior notes due in 2024, specifically $1,024.2 million of 5.625% senior exchange notes and $25.8 million of 5.625% senior notes.

Joint book-running managers for the offering include Wells Fargo Securities, J.P. Morgan, BofA Securities, Goldman Sachs & Co (NYSE:GS). LLC, Barclays, BNP PARIBAS, Citigroup, Citizens Capital Markets, Deutsche Bank Securities, Morgan Stanley, Scotiabank, and Truist Securities. The offering is made under an effective shelf registration statement with the SEC, with prospectuses available upon request from the managing financial institutions.

VICI Properties boasts a diverse portfolio, featuring iconic establishments such as Caesars (NASDAQ:CZR) Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas. The trust owns 93 properties across the U.S. and Canada, encompassing approximately 127 million square feet, 60,300 hotel rooms, and numerous dining and entertainment venues.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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