Summary by Moomoo AI
VICI Properties L.P. has completed a $750 million offering of 5.125% Notes due 2031, issued at 99.643% of par value. The proceeds will be used to repay the outstanding $750 million of 3.500% senior notes due 2025, which are expected to be redeemed on December 20, 2024.The new Notes will pay interest semi-annually starting May 15, 2025, and mature on November 15, 2031. They represent unsecured and unsubordinated obligations of VICI LP, ranking equally with all existing and future unsecured indebtedness. While not initially guaranteed by VICI Properties Inc. or any subsidiaries, future guarantees may be required under specific circumstances.The Indenture includes covenants limiting VICI LP's ability to incur secured and unsecured debt or undergo major corporate changes. It requires maintaining total unencumbered assets of at least 150% of total unsecured indebtedness. The Notes benefit from a Limited Equity Pledge of VICI LP's partnership interests owned by VICI Properties OP LLC.
