VICI wraps repricing of $2.1 billion term B at Libor plus 175 bps

By Wendy Van Sickle

Columbus, Ohio, Jan. 24 – VICI Properties 1 LLC completed a repricing of its existing $2.1 billion covenant-lite first-lien term loan B due Dec. 22, 2024 at Libor plus 175 basis points, according to a news release.

Pricing matched talk.

There is a 0% Libor floor, a par issue price, 101 soft call protection for six months and amortization of 1% per annum, as previously reported.

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

“The company expects to save approximately $5.3 million of annual cash interest expense with this repricing,” said David Kieske, chief financial officer of VICI Properties, in the release.

“Maintaining our strong balance sheet, lowering our cost of capital and continuing to improve our capital structure remains a key focus as part of our overall strategy to deliver value to our shareholders.”

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

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