Summary by Moomoo AI
VICI Properties Inc. and VICI Properties L.P. have entered into an underwriting agreement to issue $750 million of 5.125% Senior Notes due 2031. The notes will be issued at 99.643% of par value, with interest payable semi-annually starting May 15, 2025. The offering is expected to close on December 19, 2024, subject to customary conditions.VICI LP estimates net proceeds of approximately $740.1 million after expenses. The company intends to use the proceeds to repay its outstanding $750 million 3.500% senior notes due 2025, with any remaining funds for general corporate purposes, including property acquisitions, capital expenditures, and debt repayment.The offering is made under an automatic shelf registration statement filed on April 18, 2022. Some underwriters or their affiliates may receive more than 5% of the net proceeds if they hold VICI's existing debt being repaid. The company has provided customary representations and indemnifications to the underwriters in the agreement.
