VICI Properties Inc. Announces $1.75B Senior Notes Offering

What Happened

• VICI Properties Inc. (the Company) and VICI Properties L.P. (VICI LP) announced an underwriting agreement for a public offering of senior unsecured notes. VICI LP agreed to issue $900 million of 5.400% Senior Notes due October 15, 2031, and $850 million of 5.750% Senior Notes due October 15, 2036. The offering is expected to close on August 14, 2026, subject to customary conditions. Counsel issued a legal opinion on the notes dated August 6, 2026.

Key Details

• Offering amounts and pricing: $900.0M 5.400% notes (issued at 99.966% of par); $850.0M 5.750% notes (issued at 98.375% of par).
• Interest/payments: Interest payable semi‑annually on April 15 and October 15, beginning April 15, 2027.
• Expected net proceeds: approximately $1,720.0 million after underwriting discounts and offering expenses.
• Use of proceeds: to repay all or part of certain 2026 maturities — $480.5M (Sept. 2026 notes), $19.5M (2026 MGP notes), $1.25B (Dec. 2026 notes) — with any remaining proceeds for general corporate purposes. If an underwriter or affiliate receives more than 5% of net proceeds, FINRA Rule 5121 procedures would apply.

Why It Matters

• This debt offering refinances near‑term 2026 maturities, reducing VICI LP’s upcoming cash required for debt repayment and extending maturities to 2031 and 2036. For investors, the transaction affects the company’s capital structure, interest obligations and liquidity profile — all key inputs when assessing credit risk and dividend sustainability. The filing also confirms customary underwriting and legal opinions supporting the offering.