VICI Properties establishes new $2.5bn unsecured credit facility
The newly formed facility will replace the company’s existing, and now terminated, unsecured credit facility of equivalent size.
Key Points
- The revolving credit facility matures on February 3, 2029 and can be extended for two consecutive six-month terms or one year-long term
- VICI has the option to increase the revolving credit facility by up to $1bn, to the extent that any one or more lenders agree to provide such additional credit extensions
VICI Properties has formed a new $2.5bn unsecured credit facility that was reportedly “substantially oversubscribed” with support from 15 financial institutions, helping to replace its existing, and now terminated, unsecured credit facility of equivalent size.
“We greatly appreciate the continued capital support of our bank group and the confidence they have in our business,” VICI Properties EVP and CFO David Kieske said.
“This new facility maintains our depth of liquidity and multicurrency financing flexibility for our investment grade balance sheet to take advantage of potential investment opportunities.”
The new revolving credit facility matures on February 3, 2029 and can be extended for two successive six-month terms or one year-long term. VICI Properties has an option to increase the revolving credit facility by up to $1.0bn, to the extent that any one or more lenders agree to provide such additional credit extensions.
Good to know: VICI Properties released the company’s financial results for the third quarter of 2024 on October 31, witnessing increases in total revenues, net income and adjusted funds from operations
On December 10, 2024, VICI Properties announced that the company entered into an amendment and consented to the assignment of the master lease agreement with Pure Canadian Group to an affiliate of Indigenous Gaming Partners (IGP).
In connection with entering into the amendment to Pure Canadian Gaming’s master lease, VICI received a five-year right of first offer (ROFO) on future sale-leaseback transactions. Any additional properties acquired will be added to the master lease pursuant to the ROFO.
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