VICI Properties prices $1.75B senior unsecured notes offering

VICI Properties Inc. (NYSE: VICI) has priced a public offering of $1.75 billion in senior unsecured notes through its subsidiary, VICI Properties L.P., according to a press release.

The offering consists of two tranches: $900 million of 5.400% senior unsecured notes due October 15, 2031, issued at 99.966% of par value, and $850 million of 5.750% senior unsecured notes due October 15, 2036, issued at 98.375% of par value. Interest on both tranches is payable semi-annually on April 15 and October 15, beginning April 15, 2027.

The offering is expected to close on August 14, 2026, subject to customary closing conditions.

The company intends to use the net proceeds primarily to repay existing debt, including $480.5 million of 4.500% senior notes due 2026, $19.5 million of 4.500% senior notes due 2026, and $1.25 billion of 4.250% senior notes due 2026. Any remaining proceeds are designated for general corporate purposes, which may include property acquisition and improvement, capital expenditures, working capital, and repayment or refinancing of additional debt.

Wells Fargo Securities, Barclays Capital, Mizuho Securities USA, and Truist Securities are among the joint book-running managers for the offering. Deutsche Bank Securities, Goldman Sachs, and Morgan Stanley are acting as senior co-managers.

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