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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/18/24 VICI Properties Inc. 8-K:1,2,9 3/18/24 12:593K Toppan Merrill/FA VICI Properties L.P. |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 49K 2: EX-4.2 Instrument Defining the Rights of Security Holders HTML 277K 7: R1 Cover HTML 53K 9: XML IDEA XML File -- Filing Summary XML 13K 12: XML XBRL Instance -- tm249036d1_8k_htm XML 25K 8: EXCEL IDEA Workbook of Financial Report Info XLSX 8K 4: EX-101.DEF XBRL Definitions -- vici-20240318_def XML 73K 5: EX-101.LAB XBRL Labels -- vici-20240318_lab XML 101K 6: EX-101.PRE XBRL Presentations -- vici-20240318_pre XML 70K 3: EX-101.SCH XBRL Schema -- vici-20240318 XSD 14K 10: JSON XBRL Instance as JSON Data -- MetaLinks 27± 37K 11: ZIP XBRL Zipped Folder -- 0001104659-24-035576-xbrl Zip 80K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): i March 18, 2024
(Exact Name of Registrant as Specified in its Charter)
| (State
or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS
Employer Identification No.) |
i 535 Madison Avenue, 20th Floor
i New York, i New York i 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: ( i 646) i 949-4631
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| i ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| i ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| i ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| i ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol |
Name of each exchange on which registered | ||
| i Common stock, $0.01 par value | i VICI | i New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
VICI Properties Inc. ¨ Emerging growth company
VICI Properties L.P. ¨ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
VICI Properties Inc. ¨
VICI Properties L.P. ¨
| Co-Registrant CIK | 0001920791 |
| Co-Registrant Amendment Flag | false |
| Co-Registrant Form Type | 8-K |
| Co-Registrant DocumentPeriodEndDate | 2024-03-18 |
| Co-Registrant Written Communications | false |
| Co-Registrant Solicitating Materials | false |
| Co-Registrant PreCommencement Tender Offer | false |
| Co-Registrant PreCommencement Issuer Tender Offer | false |
| Co-Registrant AddressLine1 | 535 Madison Avenue, 20th Floor |
| Co-Registrant City | New York |
| Co-Registrant State | New York |
| Co-Registrant ZipCode | 10022 |
| Co-Registrant CityAreaCode | 646 |
| Co-Registrant LocalPhoneNumber | 949-4631 |
| Item 1.01 | Entry into a Material Definitive Agreement. |
On March 18, 2024, VICI Properties L.P., a Delaware limited partnership (“VICI LP”), completed the previously announced offering of $550,000,000 aggregate principal amount of 5.750% Notes due 2034 (the “2034 Notes”) and $500,000,000 aggregate principal amount of 6.125% Notes due 2054 (the “2054 Notes” and, together with the 2034 Notes, the “Notes”).
VICI LP intends to use the net proceeds from the offering to repay its outstanding (i) $1,024.2 million in aggregate principal amount of the 5.625% senior exchange notes due 2024 (the “2024 Exchange Notes”) and (ii) $25.8 million in aggregate principal amount of the 5.625% senior notes due 2024 (the “2024 MGP Notes”). VICI LP expects to redeem the 2024 Exchange Notes on March 19, 2024 and the 2024 MGP Notes on March 25, 2024, in each case, at a redemption price equal to 100% of the principal amount of the 2024 Exchange Notes and the 2024 MGP Notes, as applicable, to be redeemed, plus accrued interest to the applicable redemption date. The 2024 Exchange Notes bear interest at 5.625% per annum and mature on May 1, 2024 and the 2024 MGP Notes bear interest at 5.625% per annum and mature on May 1, 2024.
The Notes were issued pursuant to an Indenture, dated as of April 29, 2022 (the “Base Indenture”), between VICI LP, as issuer, and UMB Bank, National Association, as trustee (the “Trustee”), as supplemented by a Second Supplemental Indenture, dated as of March 18, 2024 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between VICI LP and the Trustee.
The 2034 Notes were issued at 99.186% of par value with a coupon of 5.750% per annum. The 2054 Notes were issued at 98.192% of par value with a coupon of 6.125% per annum.
Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2024.
The 2034 Notes will mature on April 1, 2034 and the 2054 Notes will mature on April 1, 2054. The Notes are VICI LP’s unsecured and unsubordinated obligations and rank equally in right of payment with all of VICI LP’s existing and future unsecured and unsubordinated indebtedness.
The Notes are not guaranteed by VICI Properties Inc., a Maryland corporation (the “Company”). As of the issue date, the Notes are not guaranteed by any subsidiary of VICI LP. However, under limited circumstances, the Indenture requires certain of VICI LP’s subsidiaries to guarantee the obligations under the Notes in the future if, and for so long as, any such subsidiary guarantees VICI LP’s obligations under the Credit Agreement, dated as of February 8, 2022, among VICI LP, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as it may be amended from time to time.
Prior to (i) with respect to the 2034 Notes, January 1, 2034 (three months prior to the maturity date) and (ii) with respect to the 2054 Notes, October 1, 2053 (six months prior to the maturity date), such series of Notes may be redeemed at VICI LP’s option, in whole or in part, at the applicable redemption prices specified in the Indenture. In addition, on or after, (i) with respect to the 2034 Notes, January 1, 2034 (three months prior to the maturity date) and (ii) with respect to the 2054 Notes, October 1, 2053 (six months prior to the maturity date), such series of Notes may be redeemed at VICI LP’s option, in whole or in part, at a price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
The Notes also benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI Properties OP LLC, a Delaware limited liability company (“VICI OP”, and such pledge, the “Limited Equity Pledge”). The Limited Equity Pledge secures the payment and performance when due of all of the obligations of VICI LP under the Notes and the Indenture.
The Indenture contains certain covenants that, among other things, limit the ability of VICI LP, subject to exceptions, to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture requires VICI LP to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become due and payable.
The foregoing description is a summary of the terms of the Indenture and the Notes and does not purport to be complete. The foregoing description is qualified in its entirety by reference to the full text of the Base Indenture and the Second Supplemental Indenture (including the forms of Notes), copies of which are attached hereto as Exhibits 4.1 through 4.4 and incorporated herein by reference.
The offering was made pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on April 18, 2022 (File No. 333-264352-01) by the Company and VICI LP, and a base prospectus, dated April 18, 2022, a related preliminary prospectus supplement filed with the SEC on March 7, 2024, and a related final prospectus supplement filed with the SEC on March 8, 2024 by VICI LP pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant. |
The disclosure under Item 1.01 is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
| 4.1 | Indenture, dated as of April 29, 2022, between VICI Properties L.P. and UMB Bank, National Association, as trustee. Filed with VICI LP’s Current Report on Form 8-K dated April 29, 2022 and incorporated by reference herein. | |
| 4.2 | Second Supplemental Indenture, dated as of March 18, 2024, between VICI Properties L.P. and UMB Bank, National Association, as trustee. | |
| 4.3 | Form of Global Note representing the 5.750% Senior Notes due 2034 (included in Exhibit 4.2). | |
| 4.4 | Form of Global Note representing the 6.125% Senior Notes due 2054 (included in Exhibit 4.2). | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 18, 2024 | VICI PROPERTIES INC. | |
| By: | /s/ Samantha S. Gallagher | |
| Samantha S. Gallagher | ||
| Executive Vice President, General Counsel and Secretary | ||
| Date: March 18, 2024 | VICI PROPERTIES L.P. | |
| By: | /s/ Samantha S. Gallagher | |
| Samantha S. Gallagher | ||
| Secretary | ||
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 4/1/34 | ||||
| 1/1/34 | ||||
| 10/1/24 | ||||
| 5/1/24 | ||||
| 3/25/24 | ||||
| 3/19/24 | ||||
| Filed on / For Period end: | 3/18/24 | |||
| 3/8/24 | 424B5, 8-K | |||
| 3/7/24 | 424B5, 8-K, FWP | |||
| 4/29/22 | 8-K | |||
| 4/18/22 | 424B5, 8-K, S-3ASR | |||
| 2/8/22 | 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/29/22 VICI Properties Inc. 8-K:1,2,8,9 4/29/22 27:8.8M Donnelley … Solutions/FA |