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VICI Properties sets talk in $2.5 billion three-part notes offering; pricing 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, talked to yield in the 3 5/8% area, seven-year notes with three years of call protection, talked in the 3 7/8% area, and 10.5-year notes with five years of call protection, talked in the 4¼% area.
Tranche sizes remain to be determined.
Books close at 10:30 a.m. ET on Wednesday, and the deal is set to price thereafter.
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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