VICI Properties sets talk in $2.5 billion three-part notes offering; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 22 – VICI Properties LP and VICI Note Co. Inc. provided details and set final guidance in a $2.5 billion offering of senior notes (Ba3/BB/BB), according to a syndicate source.

The Rule 144A and Regulation S for life deal is coming in three tranches.

A $750 million tranche of five-year notes with two years of call protection comes with final guidance of 3½%, tight to talk in the 3 5/8% area.

A $750 million tranche of seven-year notes with three years of call protection comes with final guidance of 3¾%, tight to talk in the 3 7/8% area.

A $1 billion tranche of 10.5-year notes with five years of call protection comes with final guidance of 4 1/8%, tight to talk in the 4¼% area.

The deal is set to price on Wednesday.

Morgan Stanley & Co. LLC is the left lead bookrunner. Deutsche Bank Securities Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Citizens Capital Markets Inc. are joint bookrunners.

Barclays, UBS Securities LLC, SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC and Stifel, Nicolaus & Co. Inc. are the co-managers.

The New York City-based real estate investment trust plans to use the proceeds to redeem the outstanding PropCo notes in full and consummate the Eldorado transaction.

VICI specializes in casino properties.

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