VICI Properties extends deadline on exchange offers as it navigates MGM Growth Properties acquisition

Deadline originally to be today, now to be at end of March.

As it negotiates the acquisition of MGM Growth Properties, VICI Properties Inc., the real estate investment trust that has extensive casino holdings across the nation, has announced that its subsidiaries – including Delaware limited partnership VICI Properties L.P., Delaware-registered corporation VICI Note Co. Inc., and VICI Issuers – have extended the expiration date on private offers to exchange any and all notes (known as MGP Notes) issued by MGM Growth Properties Operating Partnership as well as of MGP Finance Co-Issuer, Inc.  

The extension of the offer pertains to notes amounting to the aggregate principle amount of $4.20bn which were issued by VICI Issuers in addition to consent solicitations released on behalf of MGP Issuers.  

The expiration date on the exchange offers has been moved from February 15, 5PM EST, to March 31, 5PM EST.  

An exchange offer is a kind of tender offer and is a tool of financiers in which securities are issued to purchase an entity instead of cash. 

The acquisition of MGM Growth Properties by VICI is one of the major stories in the industry. The deal was announced in August of last year. With an acquisition price of $17.2bn, the resulting company would be a $45bn behemoth and the largest owner of experiential real estate in the US.  

This news comes on the back of an announcement last week that VICI Properties had received a new $3.5bn credit facility from a 17-strong group of financial institutions including JP Morgan Chase, Wells Fargo Securities and Bank of America Securities.  

Among other properties, VICI owns all of the land that constitutes the Caesars Entertainment empire. It also leases land to Hard Rock International, Penn National Gaming and the Eastern Band of Cherokee Indians.  

Cameron Saunders

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