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Get filing alertsVICI Properties issues $1.75B in senior notes to refinance 2026 maturities
Filed August 14, 2026 · Period ending August 14, 2026 · ~1 min read
Key Changes
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Issued $900M of 5.400% notes due 2031 and $850M of 5.750% notes due 2036, extending debt maturities by 5-10 years from 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Proceeds will retire $1.75B of 4.250%-4.500% notes maturing in 2026, with early redemption at par plus accrued interest on August 17, 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Notes are secured by a pledge of VICI LP's limited partnership interests; indenture requires 150% unencumbered asset coverage of unsecured debt.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The 2031 notes priced near par at 99.966%; the 2036 notes priced at a 1.625% discount to par at 98.375%.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
VICI Properties completed a $1.75 billion senior note offering to refinance debt maturing later this year. The company issued $900 million of 5.400% notes due 2031 and $850 million of 5.750% notes due 2036, extending maturities by 5-10 years. Proceeds will retire three series of 2026-maturing notes totaling $1.75 billion with coupons of 4.250%-4.500%, eliminating near-term refinancing risk.
The refinancing increases VICI's interest expense by 115-150 basis points on the refinanced principal, reflecting higher market rates. The 2031 notes priced near par while the 2036 notes priced at a modest discount. Both series are secured by a pledge of VICI LP's partnership interests and carry standard REIT covenants including a 150% unencumbered asset coverage requirement. The early redemption of the 2026 notes on August 17 at par removes immediate maturity pressure and provides balance sheet flexibility through the end of the decade.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
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.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 1.01 — Entry into a Material Definitive Agreement
VICI Properties LP issued $1.75B in senior notes (5.400% 2031 notes and 5.750% 2036 notes) to refinance $1.75B of maturing 2026 debt.
Added in current filing · verify on EDGAR →
On August 14, 2026, VICI Properties L.P., a Delaware limited partnership (“VICI LP”), completed the previously announced offering of $900,000,000 aggregate principal amount of 5.400% Notes due 2031 (the “2031 Notes”) and $850,000,000 aggregate principal amount of 5.750% Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
VICI LP issued $1.75 billion in new senior notes: $900 million of 5.400% notes maturing in 2031 and $850 million of 5.750% notes maturing in 2036. The proceeds will refinance approximately $1.75 billion of existing 4.250%-4.500% notes maturing in 2026, extending debt maturities by 5-10 years.
Added in current filing · verify on EDGAR →
VICI LP intends to use the net proceeds from the offering to repay all or a portion of its outstanding (i) $480.5 million in aggregate principal amount of 4.500% senior notes due 2026 (the “September 2026 Maturity Notes”), (ii) $19.5 million in aggregate principal amount of 4.500% senior notes due 2026 (the “2026 MGP Notes”), and (iii) $1.25 billion in aggregate principal amount of 4.250% senior notes due 2026 (the “December 2026 Maturity Notes”).
The company will use proceeds to retire three series of 2026-maturing notes totaling $1.75 billion: $480.5 million of 4.500% notes due September 2026, $19.5 million of 4.500% notes due September 2026, and $1.25 billion of 4.250% notes due December 2026. The September and December notes will be redeemed early on August 17, 2026 at par plus accrued interest.
Added in current filing · verify on EDGAR →
The 2031 Notes were issued at 99.966% of par value with a coupon of 5.400% per annum. The 2036 Notes were issued at 98.375% of par value with a coupon of 5.750% per annum.
The 2031 notes priced near par at 99.966% with a 5.400% coupon, while the 2036 notes priced at a discount of 98.375% with a 5.750% coupon. Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027. Note: these figures were previously disclosed in the company's Aug 6, 2026 8-K.
Added in current filing · verify on EDGAR →
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 notes are secured by a pledge of VICI LP's limited partnership interests owned by VICI Properties OP LLC. The indenture requires VICI LP to maintain total unencumbered assets of at least 150% of total unsecured indebtedness and limits the company's ability to incur additional secured and unsecured debt.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 17, 2026 · How we verify