VICI Properties L.P., a Delaware limited partnership, has successfully completed its previously announced offering of $1.3 billion in aggregate principal amount of notes. The offering includes $400 million of 4.750% Notes due 2028 and $900 million of 5.625% Notes due 2035. This strategic move is aimed at refinancing existing debt and optimizing the company's financial structure.
The net proceeds from this offering will be utilized to repay outstanding senior notes, including $500 million of 4.375% senior notes due May 2025, $799.4 million of 4.625% senior exchange notes due June 2025, and $0.6 million of 4.625% senior notes due 2025. The redemption of these notes is scheduled for April 8, 2025, and April 26, 2025, at a redemption price equal to 100% of the principal amount plus accrued interest.
The newly issued 2028 Notes were priced at 99.729% of par value with a coupon rate of 4.750% per annum, while the 2035 Notes were priced at 99.219% of par value with a coupon rate of 5.625% per annum. Interest on these notes will be payable semi-annually on April 1 and October 1, starting from October 1, 2025. The 2028 Notes will mature on April 1, 2028, and the 2035 Notes will mature on April 1, 2035.
These notes are unsecured and unsubordinated obligations of VICI LP, ranking equally with all existing and future unsecured and unsubordinated indebtedness. Notably, the notes are not guaranteed by VICI Properties Inc. or any of its subsidiaries, although certain subsidiaries may be required to guarantee the notes under specific circumstances.
The Indenture governing the notes includes covenants that limit VICI LP's ability to incur additional debt and engage in mergers or asset sales, while also requiring the maintenance of total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to various exceptions and qualifications.
This offering was conducted under an automatic shelf registration statement filed with the Securities and Exchange Commission, utilizing a base prospectus and related supplements.
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