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VICI Properties Inc. Announces New $2.5 Billion Unsecured Credit Facility

By: via Business Wire

Extends Maturity to 2029

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), today announced the effectiveness of its new $2.5 billion multicurrency unsecured revolving credit facility (the “Revolving Credit Facility”) that replaced its existing, and now terminated, unsecured revolving credit facility of the same size. The Revolving Credit Facility was substantially oversubscribed with strong support from 15 financial institutions.

The Revolving Credit Facility matures on February 3, 2029 and can be extended for two successive six-month terms or one twelve-month term. Based on a pricing grid and the Company’s current credit ratings and leverage ratios, the Revolving Credit Facility currently bears interest at a rate of 85.0 basis points over the SOFR rate or, in the case of borrowings in a foreign currency, the corresponding index rate for such currency. In addition, based on the Company’s current credit ratings and leverage ratios, the Revolving Credit Facility requires the payment of a facility fee of 20.0 basis points of total commitments. The Company has an option to increase the Revolving Credit Facility by up to $1.0 billion, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.

David Kieske, Executive Vice President and CFO, said, “We greatly appreciate the continued capital support of our bank group and the confidence they have in our business. This new facility maintains our depth of liquidity and multicurrency financing flexibility for our investment grade balance sheet to take advantage of potential investment opportunities.”

Wells Fargo Securities, LLC. and JPMorgan Chase Bank, N.A. served as the Joint Bookrunners on the Revolving Credit Facility with Wells Fargo Bank, N.A. acting as the Administrative Agent. BofA Securities, Inc., Citibank, N.A. and JPMorgan Chase Bank, N.A. served as the Syndication Agents. Wells Fargo Securities, LLC., BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Barclays Bank PLC, Goldman Sachs Bank USA, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and Truist Bank served as the Joint Lead Arrangers. Barclays Bank PLC, Goldman Sachs Bank USA, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, Truist Bank, Bank of Nova Scotia, BNP Paribas, Capital One National Association, Citizens Bank, N.A., Deutsche Bank AG New York Branch and Morgan Stanley Senior Funding Inc. served as Documentation Agents.

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, wellness, entertainment and leisure 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 the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

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 risk factors that may affect the Company’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof and risks relating to the Company’s pending transactions) 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.

Press Release Category: Capital Markets

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