VICI Properties Inc. Announces Pricing of Private Offering of Notes
January 22 2020 - 4:15PM
Business Wire
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”) announced today that its wholly owned subsidiaries VICI
Properties L.P. (the “Operating Partnership”) and VICI Note Co.
Inc. (the “Co-Issuer” and, together with the Operating Partnership,
the “Issuers”) have priced their offering of $750 million aggregate
principal amount of 3.50% senior unsecured 5-year notes due 2025
(the “2025 Notes”), $750 million aggregate principal amount of
3.75% senior unsecured 7-year notes due 2027 (the “2027 Notes”) and
$1.0 billion aggregate principal amount of 4.125% senior unsecured
10.5-year notes due 2030 (the “2030 Notes” and, together with the
2025 Notes and the 2027 Notes, the “Notes”) at a price equal to
100% of face value. The 2025 Notes will mature on February 15,
2025, the 2027 Notes will mature on February 15, 2027 and the 2030
Notes will mature on August 15, 2030.
The Issuers intend to use $2.0 billion of the net proceeds from
this offering of the Notes to consummate the series of previously
announced transactions (the “Eldorado Transaction”) between the
Company and Eldorado Resorts, Inc., with such $2.0 billion of net
proceeds placed in escrow pending the consummation of the Eldorado
Transaction. The Issuers intend to use the remaining net proceeds
from this offering of the Notes to redeem in full the outstanding
$498.5 million in aggregate principal amount of 8.0% Second
Priority Senior Secured Notes due 2023, issued by a subsidiary of
the Operating Partnership.
The Notes will be fully and unconditionally guaranteed, jointly
and severally, on an unsecured basis by certain of VICI’s
subsidiaries.
The Notes will be offered and sold only to persons reasonably
believed to be qualified institutional buyers in the U.S. pursuant
to Rule 144A and outside the U.S. pursuant to Regulation S under
the Securities Act of 1933, as Amended (the “Securities Act”).
The sale of the Notes is expected to be consummated on February
5, 2020, subject to customary closing conditions.
The Notes have not been and will not be registered under the
Securities Act or applicable state securities laws, and, unless so
registered, may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and other applicable securities
laws.
This release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Notes or any other
securities and shall not constitute an offer, solicitation or sale
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or jurisdiction. Any
offers of the Notes will be made only by means of a private
placement memorandum.
About VICI Properties
VICI Properties is an experiential real estate investment trust
that owns one of the largest portfolios of market-leading gaming,
hospitality and entertainment destinations, including the
world-renowned Caesars Palace. VICI Properties’ national,
geographically diverse portfolio consists of 27 gaming facilities
comprising over 40 million square feet and features approximately
15,500 hotel rooms and more than 150 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars Entertainment
Corporation, Century Casinos Inc., Hard Rock International and Penn
National Gaming. VICI Properties also owns four championship golf
courses and 34 acres of undeveloped land adjacent to the Las Vegas
Strip. VICI Properties’ strategy is to create the nation’s highest
quality and most productive experiential real estate portfolio.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
and similar expressions that do not relate to historical matters.
All statements other than statements of historical fact are
forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond the Company’s control and could
materially affect actual results, performance, or achievements.
Important factors that may affect the Company’s business, results
of operations and financial position are detailed from time to time
in the Company’s filings with the Securities and Exchange
Commission. The Company does not undertake any obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as may be required
by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200122005791/en/
Investors: Investors@viciproperties.com (646) 949-4631
Or
David Kieske EVP, Chief Financial Officer DKieske@viciproperties.com
Danny Valoy Vice President, Finance DValoy@viciproperties.com
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