VICI aims to amend 8% notes for Harrah’s Philadelphia acquisition

By Susanna Moon

Chicago, Sept. 17 – VICI Properties Inc. said that its indirect wholly owned subsidiaries VICI Properties 1 LLC and VICI FC Inc. are soliciting consents to amend their $498,479,712 of outstanding 8% senior secured second-lien notes due 2023.

The proposed amendments would allow the purchase of all of the land and real property improvements associated with Harrah’s Philadelphia in Chester, Pa., according to an announcement.

The consent solicitation will remain open until 5 p.m. ET on Sept. 24.

Holders must be of record as of 5 p.m. ET on Sept. 14.

The cash consent payment will be $1.00 per $1,000 principal amount.

Specifically, the issuers are seeking consents from holders representing a majority of the notes to permit amendments to the lease of the company’s regional properties other than the facilities in Joliet, Ill., to release the lien held by the issuers’ affiliates as landlords and for the Harrah’s Philadelphia acquisition, as well as to amend the definition of “asset sale” in the notes indenture to permit the lien release.

The payment for consents is conditioned upon the company securing the needed consents and the execution of an amendment to the company’s credit agreement with Goldman Sachs Bank USA as administrative agent to permit the lien release.

The supplemental indenture will be effective upon execution but will not become operative until the consent payment is paid, the release noted.

D.F. King & Co., Inc. (212 269-5550, 866 721-1324 or vici@dfking.com) is the information agent, the tabulation agent and the payment agent. Goldman Sachs & Co. LLC (212 357-0215 or 800 828-3182) is the solicitation agent.

VICI Properties is a Las Vegas-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

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