VICI Properties to sell $1.75 billion two-part notes on Thursday

By Paul A. Harris

Portland, Ore., Nov. 18 – VICI Properties Inc. plans to price $1.75 billion of senior notes (expected ratings B1/BB) in two tranches on Thursday, according to market sources.

The Rule 144A and Regulation S deal will feature seven-year notes, which are non-callable for three years, with initial guidance in the low-to-mid 4% area, and 10-year notes, which are non-callable for five years, with initial guidance in the high 4% area.

Tranche sizes remain to be determined.

Deutsche Bank Securities Inc. is leading the sale.

The New York real estate investment trust plans to use the proceeds to refinance a $1.55 billion asset-level real estate mortgage financing secured by the real estate assets associated with Caesars Palace Las Vegas.

The issuing entities will be VICI Production LP and VICI Note Co. Inc.

VICI Properties owns a portfolio of gaming, hospitality and entertainment destinations, including Caesars Palace.

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