VICI Properties Inc. VICI and its operating partnership, VICI Properties L.P., announced on Wednesday that they have entered into an underwriting agreement to issue and sell $1.75 billion in aggregate principal amount of senior notes. The offering consists of $900 million of 5.400% Senior Notes due 2031 and $850 million of 5.750% Senior Notes due 2036.
The 2031 Notes will be issued at 99.966% of par value, while the 2036 Notes will be priced at 98.375% of par value. Interest on both tranches will be payable semi-annually in arrears on April 15 and October 15 of each year, with the first payment scheduled for April 15, 2027. The 2031 Notes are set to mature on October 15, 2031, and the 2036 Notes will mature on October 15, 2036.
VICI Properties L.P. estimates that net proceeds from the offering will be approximately $1.72 billion after deducting underwriting discounts and other estimated offering expenses. The transaction is expected to close on August 14, 2026, subject to customary closing conditions.
The company intends to use the net proceeds to repay all or a portion of its outstanding near-term debt obligations, including $480.5 million in aggregate principal amount of 4.500% senior notes due September 2026, $19.5 million in aggregate principal amount of 4.500% senior notes due 2026, and $1.25 billion in aggregate principal amount of 4.250% senior notes due December 2026. Any remaining proceeds will be allocated for general corporate purposes, which may include property acquisitions and improvements, capital expenditures, working capital, and the repayment or refinancing of additional indebtedness.
The offering was conducted under an automatic shelf registration statement filed with the Securities and Exchange Commission on April 30, 2025, along with a base prospectus dated the same day and a prospectus supplement dated August 5, 2026.
Wells Fargo Securities, Barclays Capital, Mizuho Securities USA, and Truist Securities are serving as representatives of the several underwriters for the offering. The company noted that certain underwriters or their affiliates may hold portions of the notes being repaid and could receive a portion of the net proceeds from the offering. If more than 5% of the proceeds are used to repay indebtedness owed to any individual underwriter or its affiliates, the offering will be conducted in accordance with FINRA Rule 5121.
This strategic refinancing move allows VICI Properties to extend its debt maturity profile while taking advantage of current market conditions to address upcoming obligations. The transaction reflects the company's proactive approach to managing its capital structure and maintaining financial flexibility.
GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $32.20 (17.7% undervalued); its GF Score™ is 80/100; 10 gurus currently hold the stock, with 6 adding and 5 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full VICI Properties Inc VICI research.
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