VICI Properties Completes Repricing of Term Loan B Facility
NEW YORK--(BUSINESS WIRE)--Jan 24, 2020--
VICI Properties Inc. (NYSE: VICI) (together with its affiliates, “VICI Properties” or the “Company”), an experiential real estate investment trust (REIT), today announced that VICI Properties 1 LLC, its wholly owned subsidiary, has successfully completed a repricing of its $2.1 billion Term Loan B Facility (the “Term Loan”).
The Term Loan was repriced to bear interest at LIBOR plus 175 basis points, which represents a reduction of 25 basis points compared to the prior rate of LIBOR plus 200 basis points. All other material provisions of the Term Loan remain unchanged, including the maturity of the Term Loan which remains December 22, 2024.
“The Company expects to save approximately $5.3 million of annual cash interest expense with this repricing,” said David Kieske, CFO of VICI Properties. “Maintaining our strong balance sheet, lowering our cost of capital and continuing to improve our capital structure remains a key focus as part of our overall strategy to deliver value to our shareholders.”
About VICI Properties
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 29 gaming facilities comprising over 40 million square feet and features approximately 15,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment Corporation, Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” 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. Important factors that may affect the Company’s business, results of operations and financial position 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.
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(646) 949-4631orDavid Kieske
EVP, Chief Financial Officer
Vice President, Finance
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY LODGING DESTINATIONS TRAVEL REIT CASINO/GAMING ENTERTAINMENT
SOURCE: VICI Properties Inc.
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PUB: 01/24/2020 04:15 PM/DISC: 01/24/2020 04:15 PM