VICI Properties Completes $750 Million Note Offering

VICI Properties L.P., a Delaware limited partnership, announced on December 19, 2024, the successful closure of its offering of $750,000,000 aggregate principal amount of 5.125% Notes due 2031. The net proceeds from this offering are intended to facilitate the repayment of the outstanding $750 million in aggregate principal amount of 3.500% senior notes due 2025. Set to redeem the 2025 Notes on December 20, 2024, VICI LP plans to pay a redemption price equal to 100% of the principal amount, alongside accrued interest to the redemption date.

The issuance of these Notes was executed under an Indenture, dated April 29, 2022, and a Third Supplemental Indenture, dated December 19, 2024. The Notes were issued at a price of 99.643% of par value and carry an annual coupon of 5.125%, with interest payable semi-annually on May 15 and November 15, starting from May 15, 2025, and maturing on November 15, 2031.

These Notes represent unsecured and unsubordinated obligations of VICI LP, ranking equally in right of payment with the firm’s existing and future unsecured and unsubordinated indebtedness. While not guaranteed by VICI Properties Inc. at present, provisions exist in the Indenture for subsidiaries of VICI LP to offer such guarantees in the future.

According to the terms outlined, before September 15, 2031, the Notes can be redeemed at VICI LP’s discretion, either wholly or partially, at the predetermined redemption price stipulated in the Indenture. On or after September 15, 2031, redemption can occur in the same manner at a price matching the principal sum plus accrued and unpaid interest.

Furthermore, the Notes are secured by a Limited Equity Pledge, encompassing the limited partnership interests of VICI LP owned by VICI Properties OP LLC. The Indenture also includes covenants restricting VICI LP’s capacity to incur certain debts and engage in specific corporate actions, coupled with customary events of default provisions.

The offering falls under an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on April 18, 2022, and related prospectus supplements. This move signifies a strategic financial decision by VICI Properties LP to optimize its debt structure and refine its capital allocation strategy.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read VICI Properties’s 8K filing here.

About VICI Properties

VICI Properties Inc is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.