VICI Properties Inc. Completes $1.75B Senior Notes Offering

What Happened
VICI Properties L.P. (VICI LP) completed an offering on August 14, 2026 of $900 million aggregate principal of 5.400% senior notes due October 15, 2031 (the “2031 Notes”) and $850 million aggregate principal of 5.750% senior notes due October 15, 2036 (the “2036 Notes”). The 2031 Notes were issued at 99.966% of par; the 2036 Notes at 98.375% of par. Interest on both series is payable semi‑annually on April 15 and October 15, beginning April 15, 2027. The notes are unsecured, unsubordinated obligations of VICI LP and are not guaranteed by VICI Properties Inc.; they do benefit from a pledge of certain limited partnership interests (the “Limited Equity Pledge”).

Key Details

• Offering size: $900.0M (5.400% due 2031) + $850.0M (5.750% due 2036) = $1.75B total.
• Issue dates and terms: issued Aug 14, 2026; 2031 maturity Oct 15, 2031; 2036 maturity Oct 15, 2036; interest semi‑annual Apr 15/Oct 15, starting Apr 15, 2027.
• Use of proceeds: intended to repay all or part of three 2026 series totaling $1.75B (Sept 2026 Maturity Notes $480.5M; 2026 MGP Notes $19.5M; Dec 2026 Maturity Notes $1.25B). VICI LP expects to redeem the Sept and Dec 2026 series on Aug 17, 2026 and to pay off the MGP Notes at their Sept 1, 2026 maturity.
• Security & covenants: notes are unsecured and not guaranteed by the parent; limited partnership interests are pledged as security; indenture requires VICI LP to maintain total unencumbered assets of at least 150% of total unsecured indebtedness and contains customary default and redemption provisions. Under limited circumstances certain subsidiaries may have to guaranty the notes if they guarantee VICI LP’s credit agreement.

Why It Matters
This transaction refinances near‑term 2026 maturities, moving $1.75 billion of debt into longer‑dated paper (2031 and 2036), which reduces immediate refinancing pressure. However, the new notes carry higher coupons (5.400% and 5.750%) than the 2026 notes being retired (4.500% and 4.250%), so interest costs on this debt may be higher going forward. The notes are unsecured and not guaranteed by the parent company, but they are supported by the Limited Equity Pledge and the indenture covenants that could affect future financing flexibility. Retail investors should note the dates, coupon levels, and that expected redemptions for the 2026 notes are scheduled for August 17, 2026 (with the MGP notes paid at maturity on Sept 1, 2026).