NEW YORK, February 08, 2022–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential asset real estate investment trust, today announced the commencement of its new credit facility $3.5 billion unsecured $2.5 billion one-year senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a senior unsecured deferred draw term loan of $1.0 billion over three years (the “Deferred Draw Term Loan” together with the revolving credit facility, the “Credit Facilities”). The credit facilities were significantly oversubscribed, with strong support from 17 new and existing financial institutions. Concurrently, the Company terminated its existing unused $1.0 billion secured revolving credit facility and all liens securing the Company’s existing credit facilities and related collateral security were automatically released.

The revolving credit facility matures on March 31, 2026 and can be extended for two successive six-month terms. Based on a pricing grid and the Company’s current credit ratings, the revolving credit facility bears interest at SOFR plus 132.5 bps, a 200 bps pricing improvement over LIBOR under its prior secured revolving credit facility. The deferred draw term loan matures on March 31, 2025 and can be extended for two successive periods of twelve months. Based on a pricing schedule and the Company’s current credit ratings, the deferred draw term loan bears interest at SOFR plus 160 basis points. In addition, the credit facilities require the payment of facility fees ranging from 15.0 basis points to 37.5 basis points (depending on the Company’s credit ratings) of total commitments. The Company has the option to increase the Revolving Credit Facility by up to $1.0 billion and increase the Deferred Drawn Term Loan by up to $1.0 billion in aggregate, in each case, to the extent one or more lenders (syndicated or otherwise) agree to provide such additional credit extensions. The credit agreement complies with certain tax requirements relating to the guarantee of the Company’s indebtedness.

“We greatly appreciate our banking group’s support and continued recognition of the company’s disciplined approach to capital allocation,” said David Kieske, executive vice president and chief financial officer. “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 revolving credit facility unsecured and deferred draw term loan significantly strengthen our balance and improve our financial flexibility as we maintain our commitment to maintaining leverage between 5.0x and 5.5x on a net debt to EBITDA.”

JP Morgan Chase Bank, NA, Wells Fargo Securities, LLC., BofA Securities, Inc. and Citibank, NA acted as co-lead arrangers on the credit facilities, with JP Morgan Chase Bank, NA acting as agent administrative and Wells Fargo Bank National Association, Bank of America National Association and Citibank, NA acting as syndication agents. Documentation agents were Barclays Bank PLC, BNP Paribas, Capital One National Association, Citizens Bank, NA, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., The Bank of Nova Scotia and Truist Bank. Other participating banks were Huntington National Bank, KeyBank National Association, Raymond James Bank and Sumitomo Mitsui Banking Corporation.

About VICI properties

VICI Properties is an experiential real estate investment trust with one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including world-renowned Caesars Palace. VICI Properties’ national and geographically diverse portfolio consists of 27 gaming facilities covering over 46 million square feet and includes approximately 17,800 hotel rooms and over 200 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to leading gaming and hospitality operators including Caesars Entertainment, Inc., Century Casinos, Inc., Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming , Inc. VICI Properties also has an investment in facilities at Chelsea Piers, New York, and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the highest quality and most productive experiential real estate portfolio in the country. For more information, please visit www.viciproperties.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes”, “believes”, “estimates”, “expects”, “guidance”, “intends”, “plans”, “projects” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the control of the Company and could materially affect actual results, performance or achievements. Significant risk factors that could affect the Company’s business, results of operations and financial condition (including those arising from the COVID-19 pandemic and resulting changes in economic conditions and risks relating to ongoing transactions of the Company) are detailed from time to time. times in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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contacts

Investor:
[email protected]
(646) 949-4631

Or

David Kieske
Executive Vice President, Chief Financial Officer
[email protected]

Danny Valoy
Vice President, Finance
[email protected]