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VICI Properties Inc. Announces New $500 Million 5-Year Unsecured Term Loan

VICI
  • VICI Properties L.P. closed on an amendment to its credit agreement adding a $500 million unsecured term loan maturing January 31, 2032.
  • The term loan carries an initial interest rate of SOFR plus 90 basis points with potential pricing improvements based on leverage thresholds.
  • Proceeds from the full $500 million term loan draw will partially redeem & refinance 5.75% senior unsecured notes due February 2027.
  • The company entered into swap agreements on the full $500 million to achieve an effective all-in fixed rate of approximately 5.20%.
  • The existing $2.5 billion revolving credit facility interest rate was lowered from SOFR plus 85 basis points to SOFR plus 80 basis points.
  • Wells Fargo Securities served as the Sole Bookrunner & Administrative Agent for the term loan transaction.
  • Joint Lead Arrangers included Wells Fargo Securities, Mizuho Bank, Sumitomo Mitsui Banking Corporation & Truist Securities.
  • Additional participants in the term loan included Bank of America, JPMorgan Chase, Capital One, Citizens Bank, Bank of Nova Scotia, Barclays, Citibank, Goldman Sachs & Texas Capital Bank.
  • David Kieske, Executive Vice President & Chief Financial Officer, stated the deal diversifies funding sources & extends the debt maturity profile.
  • VICI Properties is an S&P 500 REIT owning 103 experiential assets across the U.S. & Canada under long-term triple-net leases.