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Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following tables detail our debt obligations as of June 30, 2020 and December 31, 2019:

($ in thousands)						June 30, 2020
Description of Debt						Final Maturity						Interest Rate						Face Value						Carrying Value(1)
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility (2)						2024						L + 2.00%						$	—					$	—
Term Loan B Facility (3)						2024						L + 1.75%						2,100,000						2,078,545
Senior Unsecured Notes (4)
2025 Notes						2025						3.500%						750,000						739,165
2026 Notes						2026						4.250%						1,250,000						1,231,692
2027 Notes						2027						3.750%						750,000						738,899
2029 Notes						2029						4.625%						1,000,000						984,930
2030 Notes						2030						4.125%						1,000,000						984,901
Total Debt																														$	6,850,000					$	6,758,132

($ in thousands)						December 31, 2019
Description of Debt						Final Maturity						Interest Rate						Face Value						Carrying Value(1)
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility (2)						2024						L + 2.00%						$	—					$	—
Term Loan B Facility (3)						2024						L + 2.00%						2,100,000						2,076,962
Second Lien Notes (5)						2023						8.00%						498,480						498,480
Senior Unsecured Notes (4)
2026 Notes						2026						4.250%						1,250,000						1,231,227
2029 Notes						2029						4.625%						1,000,000						984,894
Total Debt																														$	4,848,480					$	4,791,563

____________________

(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)Interest on any outstanding balance is payable monthly. On May 15, 2019, we amended our Revolving Credit Facility to, among other things, increase borrowing capacity by $600.0 million to a total of $1.0 billion and extend the maturity date to May 2024. After giving effect to the amendments executed on May 15, 2019, borrowings under the Revolving Credit Facility will bear interest at a rate based on a leverage-based pricing grid with a range of 1.75% to 2.00% over LIBOR, or between 0.75% and 1.00% over the base rate depending on our total net debt to adjusted total assets ratio. Additionally, after giving effect to the amendments executed on May 15, 2019, the commitment fee under the Revolving Credit Facility is calculated on a leverage-based pricing grid with a range of 0.375% to 0.5%, in each case depending on our total net debt to adjusted total assets ratio. For the three and six months ended June 30, 2020, the commitment fee was 0.375%.

(3)Interest on any outstanding balance is payable monthly. In connection with the repricing of the Term Loan B Facility in January 2020, the interest rate was decreased to LIBOR plus 1.75%. As of June 30, 2020 and December 31, 2019, we had six interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $2.0 billion at a blended LIBOR rate of 2.7173%.

(4)Interest is payable semi-annually.

(5)The Second Lien Notes were redeemed in full on February 20, 2020 with a portion of the proceeds from the February 2020 Senior Unsecured Notes offering.

Schedule of Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum payments of our debt obligations as of June 30, 2020:

(In thousands)						Future Minimum Payments
2020 (remaining)						$	—
2021						—
2022						10,000
2023						22,000
2024						2,068,000
2025						750,000
Thereafter						4,000,000
Total minimum repayments						$	6,850,000

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph (a)
-Subparagraph (5)

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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