VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”), an experiential asset real estate investment trust,
today announced it has commenced an underwritten public offering of
22,000,000 shares of its common stock, all of which will be offered
on a forward basis through the forward purchaser or its affiliate
in connection with the forward sale agreement described below. The
underwriters of the offering also expect to be granted a 30-day
option to purchase up to 3,300,000 additional shares of the
Company’s common stock.
Morgan Stanley, BofA Securities, Deutsche Bank Securities and
Goldman Sachs & Co. LLC are acting as joint book-running
managers for the offering.
The Company expects to enter into a forward sale agreement with
Morgan Stanley & Co. LLC (or its affiliate) (the “forward
purchaser”) with respect to the shares of common stock covered by
the offering. In connection with the forward sale agreement, the
forward purchaser or its affiliates is expected to borrow and sell
to the underwriters all of the shares of common stock that will be
delivered in the offering.
Subject to its right to elect cash or net share settlement under
certain conditions, the Company intends to deliver, upon full
physical settlement of the forward sale agreement on one or more
dates specified by the Company occurring no later than
approximately three months following the completion of the
offering, an aggregate of 22,000,000 shares of common stock to the
forward purchaser (or 25,300,000 shares of common stock if the
underwriters exercise their option to purchase additional shares in
full) in exchange for cash proceeds per share equal to the
applicable forward sale price, which will initially be the public
offering price less the underwriting discount and will be subject
to certain adjustments as provided in the forward sale
agreement.
The Company will not initially receive any proceeds from the
sale of shares by the forward purchaser or its affiliate. The
Company expects to use any cash proceeds that it receives upon the
future settlement of the forward sale agreement to fund a portion
of a mortgage loan as lender, the purchase price for an acquisition
of land and for general business purposes, which may include the
acquisition, development and improvement of properties, capital
expenditures, working capital and the repayment of
indebtedness.
The offering is being made pursuant to an effective shelf
registration statement and will be made only by means of a
preliminary prospectus supplement and a related prospectus relating
to such offering and the accompanying base prospectus, a copy of
which may be obtained from: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014, BofA Securities, Attention: Prospectus Department,
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte NC
28255-0001 (email: dg.prospectus_requests@bofa.com); Deutsche Bank
Securities Inc., Attention: Prospectus Group, 60 Wall Street, New
York, NY 10005, (telephone: (800) 503-4611 or email:
prospectus.CPDG@db.com); and Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282 (telephone: (866) 471-2526 or email:
prospectus-ny@ny.email.gs.com).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 28 gaming facilities
comprising over 40 million square feet and features approximately
15,600 hotel rooms and more than 180 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, Inc. 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.
Forward-Looking Statements
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 risk factors that may affect the Company’s business,
results of operations and financial position (including those
stemming from the COVID-19 pandemic and changes in the economic
conditions as a result thereof) 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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version on businesswire.com: https://www.businesswire.com/news/home/20200615005758/en/
Investor Contacts: Investors@viciproperties.com (646)
949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Finance
DValoy@viciproperties.com
Media: PR@viciproperties.com (646) 949-4631
Or
ICR Phil Denning and Jason Chudoba Phil.Denning@icrinc.com,
(646) 277-1258 Jason.Chudoba@icrinc.com, (646) 277-1249
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