What debt did VICI Properties L.P. issue on August 14, 2026?

VICI LP completed the offering of $900,000,000 aggregate principal amount of 5.400% Notes due 2031 and $850,000,000 aggregate principal amount of 5.750% Notes due 2036.

What will the proceeds be used for?

VICI LP intends to use the net proceeds to repay all or a portion of its outstanding $480.5 million of 4.500% notes due September 2026, $19.5 million of 4.500% notes due 2026 (MGP Notes), and $1.25 billion of 4.250% notes due December 2026.

When do interest payments and maturities occur on the new Notes?

Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027. The 2031 Notes mature October 15, 2031, and the 2036 Notes mature October 15, 2036.

Are the Notes guaranteed by VICI Properties Inc.?

No. The Notes are not guaranteed by VICI Properties Inc. and, as of the issue date, are not guaranteed by any subsidiary of VICI LP, although certain subsidiaries may be required to guarantee them in the future under limited circumstances.

What covenants apply to the Notes?

The Indenture limits VICI LP's ability to incur secured and unsecured debt and to merge, consolidate, or sell substantially all assets, subject to exceptions. It also requires total unencumbered assets of at least 150% of total unsecured indebtedness.

VICI 8-K: Material Agreements & Financial Events

01—Abstract

Summary

Summary of the 8-K filed August 14, 2026. Cited figures are marked; the original filing is the authoritative source.

VICI Properties L.P.

(VICI LP), the operating partnership of VICI Properties Inc., completed an offering on August 14, 2026 of $900,000,000^a aggregate principal amount of 5.400% Notes due 2031 (issued at 99.966% of par) and $850,000,000 aggregate principal amount of 5.750% Notes due 2036 (issued at 98.375% of par). Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027. The Notes are unsecured, unsubordinated obligations of VICI LP that rank equally with its other unsecured senior debt, and they are not guaranteed by VICI Properties Inc. or by any subsidiary as of the issue date, though certain subsidiaries may be required to guarantee them in the future under limited circumstances tied to the Credit Agreement dated February 3, 2025.

VICI LP intends to use the net proceeds to repay all or a portion of three series of 2026 maturities: $480.5 million^b of 4.500% notes due September 2026, $19.5 million of 4.500% notes due 2026 (the MGP Notes, expected to be paid at maturity on September 1, 2026), and $1.25 billion of 4.250% notes due December 2026. The company expects to redeem the September 2026 and December 2026 maturity notes on August 17, 2026 at 100% of principal plus accrued interest. The Notes benefit from a pledge of VICI LP limited partnership interests held by VICI Properties OP LLC, and the Indenture limits secured and unsecured debt and requires total unencumbered assets of at least 150% of total unsecured indebtedness.

The offering was made under an automatic shelf registration statement filed April 30, 2025, with a preliminary prospectus supplement filed August 5, 2026 and a final prospectus supplement filed August 6, 2026. The filing also incorporates the Base Indenture dated April 29, 2022 with UMB Bank, National Association, as trustee, and the Fifth Supplemental Indenture dated August 14, 2026.

02—Key points

Key Highlights

VICI LP completed $900 million of 5.400% Notes due 2031, issued at 99.966% of par, and $850 million of 5.750% Notes due 2036, issued at 98.375% of par.
Interest on both series is payable semi-annually on April 15 and October 15, starting April 15, 2027; the 2031 Notes mature October 15, 2031 and the 2036 Notes mature October 15, 2036.
Net proceeds are intended to repay about $480.5 million of 4.500% notes due September 2026, $19.5 million of 4.500% MGP Notes due September 1, 2026, and $1.25 billion of 4.250% notes due December 2026.
The September and December 2026 maturity notes are expected to be redeemed on August 17, 2026 at 100% of principal plus accrued interest.
The Notes are unsecured obligations of VICI LP, are not guaranteed by VICI Properties Inc., and are not currently guaranteed by any subsidiary, though future subsidiary guarantees may be required under limited circumstances.
The Notes are supported by a pledge of VICI LP limited partnership interests held by VICI Properties OP LLC.
The Indenture requires VICI LP to maintain total unencumbered assets of at least 150% of total unsecured indebtedness, alongside limits on secured and unsecured debt and on mergers or asset sales.

03—Questions

Frequently Asked Questions

What debt did VICI Properties L.P. issue on August 14, 2026?
VICI LP completed the offering of $900,000,000 aggregate principal amount of 5.400% Notes due 2031 and $850,000,000 aggregate principal amount of 5.750% Notes due 2036.
What will the proceeds be used for?
VICI LP intends to use the net proceeds to repay all or a portion of its outstanding $480.5 million of 4.500% notes due September 2026, $19.5 million of 4.500% notes due 2026 (MGP Notes), and $1.25 billion of 4.250% notes due December 2026.
When do interest payments and maturities occur on the new Notes?
Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027. The 2031 Notes mature October 15, 2031, and the 2036 Notes mature October 15, 2036.
Are the Notes guaranteed by VICI Properties Inc.?
No. The Notes are not guaranteed by VICI Properties Inc. and, as of the issue date, are not guaranteed by any subsidiary of VICI LP, although certain subsidiaries may be required to guarantee them in the future under limited circumstances.
What covenants apply to the Notes?
The Indenture limits VICI LP's ability to incur secured and unsecured debt and to merge, consolidate, or sell substantially all assets, subject to exceptions. It also requires total unencumbered assets of at least 150% of total unsecured indebtedness.

04—Continue

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