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Vici Properties Inc. – ‘8-K’ for 3/3/21

On:  Monday, 3/8/21, at 5:19pm ET   ·   For:  3/3/21   ·   Accession #:  1705696-21-57   ·   File #:  1-38372

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/08/21  Vici Properties Inc.              8-K:1,9     3/03/21   18:1.4M

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     42K 
 2: EX-1.1      Underwriting Agreement                              HTML    183K 
 3: EX-1.2      Underwriting Agreement                              HTML    123K 
 4: EX-1.3      Underwriting Agreement                              HTML    123K 
 5: EX-1.4      Underwriting Agreement                              HTML    124K 
 6: EX-1.5      Underwriting Agreement                              HTML    137K 
 7: EX-5.1      Opinion of Counsel re: Legality                     HTML     16K 
14: R1          Cover Page                                          HTML     47K 
16: XML         IDEA XML File -- Filing Summary                      XML     14K 
13: XML         XBRL Instance -- vici-20210303_htm                   XML     22K 
15: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 9: EX-101.CAL  XBRL Calculations -- vici-20210303_cal               XML      8K 
10: EX-101.DEF  XBRL Definitions -- vici-20210303_def                XML     10K 
11: EX-101.LAB  XBRL Labels -- vici-20210303_lab                     XML     69K 
12: EX-101.PRE  XBRL Presentations -- vici-20210303_pre              XML     34K 
 8: EX-101.SCH  XBRL Schema -- vici-20210303                         XSD     12K 
17: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    18K 
18: ZIP         XBRL Zipped Folder -- 0001705696-21-000057-xbrl      Zip    166K 


‘8-K’   —   Current Report


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 iX:   C:  C: 
  vici-20210303  
 i 0001705696 i false00017056962021-03-032021-03-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 __________________________________________________
FORM  i 8-K
__________________________________________________
 
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 3, 2021
__________________________________________________
 i VICI Properties Inc.
(Exact Name of Registrant as Specified in its Charter)
__________________________________________________
 i Maryland i 001-38372 i 81-4177147
(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 classTrading SymbolName 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).
 i 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. ☐




Item 1.01.
Entry into a Material Agreement.
Underwriting Agreement
VICI Properties Inc. (the “Company”) and VICI Properties L.P. (the “Operating Partnership”) entered into an underwriting agreement (the Underwriting Agreement), dated as of March 3, 2021, with Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), and Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as forward sellers (in such capacities, the “Forward Sellers”), and the Forward Purchasers (as defined below), relating to the offer and sale of up to 69,000,000 shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) on a forward basis (including up to 9,000,000 shares of Common Stock pursuant to the Underwriters’ option to purchase additional shares, which option the Underwriters exercised in full), at a public offering price of $29.00 per share of Common Stock (the “Offering”). The Offering was made pursuant to the Company’s effective shelf registration statement on Form S-3 (No. 333-227641) filed with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) on October 1, 2018. The material terms of the Offering are described in the prospectus supplement dated March 3, 2021. The Offering closed on March 8, 2021.
Under the Underwriting Agreement, the Company and the Operating Partnership made certain customary representations, warranties and covenants in the Underwriting Agreement concerning the Company, the Operating Partnership and the registration statement and the Company has also agreed to indemnify the Underwriters, the Forward Sellers and the Forward Purchasers against certain liabilities, or to contribute to payments that such parties may be required to make in respect of those liabilities.
Certain of the Underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial banking and investment banking services for the Company, for which they received or will receive customary fees and expenses, including serving as: (i) lenders and/or administrative agents under the Company’s revolving credit facility, first lien term loan facility and bridge facilities; (ii) underwriters in the Company’s initial public offering and underwriters or forward purchasers or forward sellers in certain of the Company’s follow-on offerings of Common Stock; (iii) initial purchasers of its senior unsecured notes issued in November 2019 and February 2020; and (iv) financial advisors in connection with various of the Company’s acquisition transactions.
The foregoing description of the Underwriting Agreement does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the full text of the Underwriting Agreement, which is attached hereto as Exhibit 1.1 and is incorporated by reference herein.
Forward Sale Agreements
In connection with the Offering, on March 3, 2021, the Company entered into forward sale agreements (the “Forward Sale Agreements”) with each of Morgan Stanley & Co. LLC, Bank of America, N.A., Citibank N.A. and Deutsche Bank AG, London Branch, as forward purchasers (in such capacities, the “Forward Purchasers”) relating to an aggregate of 69,000,000 shares of Common Stock (including up to 9,000,000 shares of Common Stock pursuant to the Underwriters’ option to purchase additional shares, which option the Underwriters exercised in full). The Company expects to physically settle the Forward Sale Agreements (by the delivery of shares of Common Stock) and receive proceeds from the sale of those shares of Common Stock on the settlement date no later than approximately twelve months after the date of the prospectus supplement. Although the Company expects to settle the Forward Sale Agreements entirely by the physical delivery of shares of Common Stock in exchange for cash proceeds, the Company may elect cash settlement or net share settlement for all or a portion of the Company’s obligations under the Forward Sale Agreements. If the Company elects to cash settle the Forward Sale Agreements, the Company may not receive any cash proceeds, and the Company may be required to pay cash to the Forward Purchasers in certain circumstances. If the Company elects to net share settle the Forward Sale Agreements, the Company will not receive any cash proceeds, and the Company may be required to deliver shares of Common Stock to the Forward Purchasers in certain circumstances. The Forward Sale Agreements provide for an initial forward sale price of $28.0575 per share (which is the public offering price less the underwriting discount set forth on the front cover of the prospectus supplement for the Offering), subject to certain adjustments pursuant to the terms of the Forward Sale Agreements. The Company will not initially receive any proceeds from the sale of shares of Common Stock by the Forward Sellers.
The foregoing description of the Forward Sale Agreements does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the full text of the Forward Sale Agreements, which are attached hereto as Exhibits 1.2, 1.3, 1.4 and 1.5 and are incorporated by reference herein.



Use of Proceeds of Offering
At an initial forward sale price of $28.0575 per share (which is the public offering price per share, less the underwriting discount per share), in the event of full physical settlement of the Forward Sale Agreements, the Company would receive net proceeds, after estimated offering expenses, of approximately $1,935.0 million, subject to the price adjustment and other provisions of the Forward Sale Agreements. The Operating Partnership expects to use any cash proceeds contributed to it by the Company that the Company may receive upon settlement of the Forward Sale Agreements to fund a portion of the purchase price of the land and real estate assets associated with The Venetian Resort Las Vegas and the Sands Expo and Convention Center in Las Vegas, Nevada and for general business purposes, which may include the acquisition, development and improvement of properties, capital expenditures, working capital and the repayment of indebtedness.
The amount of cash or number of shares of Common Stock the Company receives upon settlement of the Forward Sale Agreements, if any, will depend on the relevant settlement method, the timing of settlement, market interest rates and, if applicable under cash or net share settlement, the prevailing market price of the Common Stock during the period in which the Forward Purchasers or their respective affiliates unwind their hedge positions with respect to the Forward Sale Agreements. Settlement will occur on one or more dates specified by the Company under the Forward Sale Agreements, which the Company expects to be no later than approximately twelve months from the date of the prospectus supplement, subject to acceleration by the Forward Purchasers upon the occurrence of certain events.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “targets,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks related to the Company’s ability to satisfy certain conditions to closing its pending acquisition on a timely basis or at all, market conditions related to the settlement of the Forward Sale Agreements and the Company’s expected use of proceeds. Important risk factors that may affect the Company’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof) are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.



Item 9.01.Financial Statements and Exhibits.
(d)     Exhibits
Exhibit
No.
Description
104Cover Page Interactive Data File (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.
VICI PROPERTIES INC.
Date: March 8, 2021        By:
Executive Vice President, General Counsel and Secretary


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:3/8/21
For Period end:3/3/21424B5,  8-K
10/1/184,  424B3,  8-K,  S-3ASR
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Filing Submission 0001705696-21-000057   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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