VICI Properties announces exchange offer extension
The agreement with MGM Growth Properties has been extended to February 15, 2022.
VICI Properties, along with its subsidiaries VICI Properties L.P., a Delaware limited partnership, and VICI Note Co, have extended the expiration date of a previously announced agreement with MGM Growth Properties to exchange any and all outstanding notes. The agreement has been reported to be for approximately $4.2bn of new notes issued by the VICI Issuers and related consent solicitations.
The extension, which follows a deal made in September 2021, sees the deadline to exchange extended from 5pm New York time on December 31, 2021 to the same time on February 15, 2022.
In the company’s statement, it said: “The settlement date for the Exchange Offers and the Consent Solicitations is expected to occur promptly after the Expiration Date and on or about the closing date of the Mergers.
“To the extent the consummation of the Mergers is not anticipated to occur on or before the then-anticipated Settlement Date, for any reason, the VICI Issuers anticipate continuing to extend the Expiration Date until such time that the Mergers may be consummated on or before the Settlement Date.
“The VICI Issuers will provide notice of any such extension in advance of the Expiration Date. Tenders of MGP Notes in the Exchange Offers may be withdrawn at any time prior to the Expiration Date.”
VICI is one of the largest property companies in the gaming industry. Currently, a number of its properties are leased to operators including Caesars Entertainment, Hard Rock international, Penn National Gaming, the Eastern Band of Cherokee Indians and Century Casinos.
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