VICI Properties Announces Closing of $750 Million Senior Unsecured Notes Offering
VICI Properties announced that its subsidiary, VICI Properties L.P., has completed a $750 million public offering of senior unsecured notes due 2031, with a 5.125% interest rate. The notes were issued at 99.643% of par value and will mature on November 15, 2031. The company plans to use the proceeds to repay its outstanding $750 million in 3.500% senior notes due 2025. The offering was managed by multiple financial institutions, including J.P. Morgan, Wells Fargo Securities, and Barclays, among others.
VICI Properties ha annunciato che la sua controllata, VICI Properties L.P., ha completato un offerta pubblica di 750 milioni di dollari di note senior non garantite con scadenza nel 2031, con un tasso di interesse del 5,125%. Le note sono state emesse al 99,643% del valore nominale e scadranno il 15 novembre 2031. L'azienda prevede di utilizzare i proventi per rimborsare le sue note senior in circolazione per un totale di 750 milioni di dollari con un tasso del 3,500% in scadenza nel 2025. L'offerta è stata gestita da più istituzioni finanziarie, tra cui J.P. Morgan, Wells Fargo Securities e Barclays, tra gli altri.
VICI Properties anunció que su subsidiaria, VICI Properties L.P., ha completado una oferta pública de $750 millones de notas senior no garantizadas con vencimiento en 2031, con una tasa de interés del 5.125%. Las notas se emitieron al 99.643% del valor nominal y vencerán el 15 de noviembre de 2031. La compañía planea utilizar los ingresos para pagar sus $750 millones en notas senior al 3.500% que vencen en 2025. La oferta fue gestionada por varias instituciones financieras, incluyendo J.P. Morgan, Wells Fargo Securities y Barclays, entre otros.
VICI Properties는 자회사인 VICI Properties L.P.가 7억 5천만 달러 규모의 만기 2031년 비담보 선순위 채권 공모를 완료했다고 발표했습니다. 이 채권은 5.125%의 이자율로 발행되었으며, 액면가의 99.643%에 해당하는 가격으로 발행되었습니다. 만기는 2031년 11월 15일입니다. 이 회사는 자금을 활용하여 2025년에 만기가 오는 7억 5천만 달러 규모의 3.500% 선순위 채권을 상환할 계획입니다. 이 공모는 J.P. Morgan, Wells Fargo Securities, Barclays 등을 포함한 여러 금융 기관에서 관리했습니다.
VICI Properties a annoncé que sa filiale, VICI Properties L.P., a complété une offre publique de 750 millions de dollars d'obligations senior non garanties arrivant à échéance en 2031, avec un taux d'intérêt de 5,125%. Les obligations ont été émises à 99,643% de la valeur nominale et arriveront à échéance le 15 novembre 2031. La société prévoit d'utiliser les recettes pour rembourser ses 750 millions de dollars en obligations senior à 3,500% arrivant à échéance en 2025. L'offre a été gérée par plusieurs institutions financières, notamment J.P. Morgan, Wells Fargo Securities et Barclays, parmi d'autres.
VICI Properties hat angekündigt, dass ihre Tochtergesellschaft, VICI Properties L.P., eine öffentliche Platzierung von 750 Millionen US-Dollar an ungesicherten Senior-Anleihen mit Fälligkeit im Jahr 2031 und einem Zinssatz von 5,125% abgeschlossen hat. Die Anleihen wurden zu 99,643% des Nennwerts ausgegeben und laufen am 15. November 2031 aus. Das Unternehmen plant, die Erlöse zur Rückzahlung seiner ausstehenden 750 Millionen US-Dollar an 3,500% Senior-Anleihen mit Fälligkeit 2025 zu verwenden. Die Platzierung wurde von mehreren Finanzinstituten, darunter J.P. Morgan, Wells Fargo Securities und Barclays, geleitet.
- Successful completion of $750M debt offering
- Strategic refinancing of existing debt at longer maturity (2031 vs 2025)
- Higher interest rate on new notes (5.125% vs 3.500% on existing notes)
- Notes issued slightly below par value at 99.643%
Insights
VICI Properties' refinancing of <money>$750 million</money> in notes represents a strategic debt management move, though at a higher cost. The new <percent>5.125%</percent> notes due 2031 will replace existing <percent>3.500%</percent> notes due 2025, increasing annual interest expenses by approximately <money>$12.2 million</money>. While this raises the cost of capital, it extends the maturity profile by 6 years, reducing near-term refinancing risk in an uncertain rate environment.
The slight discount to par (<percent>99.643%</percent>) suggests modest market appetite, reflecting current high-rate conditions. The impressive syndicate of 15 major financial institutions indicates strong institutional backing and validates VICI's credit quality. For retail investors, think of this like refinancing a mortgage - paying more in interest but gaining long-term stability.
This debt restructuring aligns with VICI's broader capital management strategy as a leading gaming REIT. The higher interest rate reflects current market conditions rather than company-specific concerns. The strong tenant base, including Caesars and MGM, provides stable cash flows to service this debt. The extension of maturity provides enhanced flexibility for future acquisitions and development projects.
The timing is noteworthy - by acting now, VICI avoids potential refinancing challenges in 2025 when <money>$750 million</money> would have come due. Think of it as paying an insurance premium for certainty. The successful placement demonstrates continued market confidence in VICI's business model and growth trajectory.
The Issuer intends to use the net proceeds from the offering to repay its outstanding
J.P. Morgan, Wells Fargo Securities, Barclays, Deutsche Bank Securities, Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, Citigroup, Scotiabank, BNP PARIBAS, Citizens Capital Markets, Truist Securities, SMBC Nikko, Mizuho and Capital One Securities acted as joint book-running managers for the offering. CBRE acted as co-manager for the offering.
The offering was made pursuant to an effective shelf registration statement filed by the Company and the Issuer with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement. A copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, 383 Madison Avenue,
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
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. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across
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,” “will,” 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 or the Issuer’s control and could materially affect actual results, performance, or achievements. Important risk 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 SEC. The Company and the Issuer do 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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Investor Contacts:
Investors@viciproperties.com
(646) 949-4631
Or
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com
Source: VICI Properties Inc.
FAQ
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