VICI PROPERTIES INC. — Form 8-K
Filed August 14, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 24/100
What the filing says
VICI Properties L.P. issued $900M of 5.400% Senior Notes due October 15, 2031 (at 99.966% of par) and $850M of 5.750% Senior Notes due October 15, 2036 (at 98.375% of par) on August 14, 2026. Notes are unsecured senior debt governed by a Fifth Supplemental Indenture with UMB Bank as trustee. Interest accrues from August 14, 2026 and is paid semi-annually starting April 15, 2027. The offering includes standard covenants: total net debt-to-adjusted-total-assets ratio capped at 0.60x (0.65x post-acquisition for 4 quarters), secured debt ratio capped at 0.40x, and minimum interest coverage of 1.5x.
Why this rating
At $1.75B, represents ~5.1% of $34.4B market cap—a meaningful refinancing/capital raise but routine for a REIT of this scale. No M&A, no covenant breach risk disclosed. Standard debt terms.
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