VICI Properties to sell $2.5 billion notes in three parts Wednesday

By Paul A. Harris

Portland, Ore., Jan. 21 – VICI Properties LP and VICI Note Co. Inc. plan to price $2.5 billion of senior notes on Wednesday, according to a syndicate source.

The Rule 144A and Regulation S for life deal is coming in three tranches: five-year notes with two years of call protection, seven-year notes with three years of call protection and 10.5-year notes with five years of call protection.

Tranche sizes remain to be determined.

The offer was scheduled to be shopped on a Tuesday morning conference call with investors.

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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