VICI Properties receives new $3.5bn credit facility
Credit facility has arisen from the cooperation of 17 financial institutions.
VICI Properties – the real estate investment group with massive holdings in the worlds of gaming, hospitality and entertainment – has had its borrowing capacity increased after receiving a $3.5bn unsecured credit facility.
The new, undrawn $3.5bn credit facility consists of a four-year, $2.5bn revolving credit facility as well as of a three-year unsecured delayed draw term load of $1bn. These credit facilities have the support of 17 financial institutions, including such powerhouses as JP Morgan Chase, Wells Fargo Securities and Bank of America Securities.
This revolving credit facility is due to mature on March 31, 2026. There will be the option that it be extended for two successive six-month terms.
At the same time as this credit facility has become available, VICI is terminating the current $1bn undrawn credit facility that it has.
David Kieske, Executive Vice President and CFO of VICI, struck an upbeat tone when discussing the new credit line: “We greatly appreciate the support of our bank group and their continued recognition of the company’s disciplined approach to capital allocation.
“We have completed the transformation of our balance sheet from fully secured at the time of our formation to fully unsecured today as we continue to migrate towards achieving an investment grade rating. This new unsecured revolving credit facility and delayed draw term load significantly bolsters our balance sheet capacity and enhances our financial flexibility as we maintain our commitment to keep leverage between 5.0x and 5.5x on a net debt to EBITDA.”
VICI has an expansive portfolio that includes industry heavyweight Caesars Palace. Altogether, its portfolio consists of 27 gaming facilities of over 46 million square feet, 17,800 hotel rooms, and over 200 restaurants, bars and sportsbooks.
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