VICI Properties to launch $2.1 billion term B repricing on Tuesday

By Sara Rosenberg

New York, Jan. 13 – VICI Properties 1 LLC will hold a lender call at 10 a.m. ET on Tuesday to launch a repricing of its existing $2.1 billion covenant-lite first-lien term loan B due December 2024, according to a market source.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and others to be named are the joint lead arrangers on the deal.

Price talk on the term loan is Libor plus 175 basis points with a 0% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Commitments/consents are due at 5 p.m. ET on Jan. 21, the source added.

The repricing will take the existing term loan B spread down from Libor plus 200 bps.

VICI is a New York-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

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