Published on 1/22/2020 in the Prospect News High Yield Daily.
New Issue: VICI Properties prices $2.5 billion of senior notes in three tranches
By Paul A. Harris
Portland, Ore., Jan. 22 – VICI Properties LP and VICI Note Co. Inc. priced $2.5 billion of senior notes (Ba3/BB/BB) in three tranches on Wednesday, according to a syndicate source.
A $750 million tranche of five-year notes priced at par to yield 3½%. The yield printed on top of final talk and tight to earlier talk in the 3 5/8% area.
A $750 million tranche of seven-year notes priced at par to yield 3¾%, on top of final talk and tight to earlier talk in the 3 7/8% area
A $1 billion tranche of 10.5-year notes priced at par to yield 4 1/8%, on top of final talk and tight to earlier talk in the 4¼% area.
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.
| Issuers: | VICI Properties LP and VICI Note Co. Inc.
|
| Amount: | $2.5 billion
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| Securities: | Senior notes
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| Left bookrunner: | Morgan Stanley & Co. LLC
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| Joint bookrunners: | 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.
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| Co-managers: | Barclays, UBS Securities LLC, SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC and Stifel, Nicolaus & Co. Inc.
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| Trade date: | Jan. 22
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| Settlement date: | Feb. 5
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| Ratings: | Moody's: Ba3
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| S&P: BB
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| Fitch: BB
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| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
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|
|
| Notes due 2025
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| Amount: | $750 million
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| Maturity: | Feb. 15, 2025
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| Coupon: | 3½%
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| Price: | Par
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| Yield: | 3½%
|
| Call protection: | Two years
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| Price talk: | 3½%, revised from 3 5/8% area
|
|
|
| Notes due 2027
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| Amount: | $750 million
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| Maturity: | Feb. 15, 2027
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| Coupon: | 3¾%
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| Price: | Par
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| Yield: | 3¾%
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| Call protection: | Three years
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| Price talk: | 3¾%, revised from 3 7/8% area
|
|
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| Notes due 2030
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| Amount: | $1 billion
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| Maturity: | Aug. 15, 2030
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| Coupon: | 4 1/8%
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| Price: | Par
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| Yield: | 4 1/8%
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| Call protection: | Five years
|
| Price talk: | 4 1/8%, revised from 4¼% area
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