XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.21.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables detail our debt obligations as of March 31, 2021 and December 31, 2020:
($ In thousands) |  | March 31, 2021
Description of Debt |  | 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 |  |  | 2,082,161 |
Senior Unsecured Notes (4) |  |  |  |  |  |  |  |
2025 Notes |  | 2025 |  | 3.500% |  | 750,000 |  |  | 740,919 |
2026 Notes |  | 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,233,832 |
2027 Notes |  | 2027 |  | 3.750% |  | 750,000 |  |  | 740,152 |
2029 Notes |  | 2029 |  | 4.625% |  | 1,000,000 |  |  | 986,130 |
2030 Notes |  | 2030 |  | 4.125% |  | 1,000,000 |  |  | 986,017 |
Total Debt |  | $ | 6,850,000 |  |  | $ | 6,769,211 |
($ In thousands) |  | December 31, 2020
Description of Debt |  | 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 + 1.750 |  | 2,100,000 |  |  | 2,080,974 |
Senior Unsecured Notes (4) |  |  |  |  |  |  |  |
2025 Notes |  | 2025 |  | 3.500% |  | 750,000 |  |  | 740,333 |
2026 Notes |  | 2026 |  | 4.250% |  | 1,250,000 |  |  | 1,233,119 |
2027 Notes |  | 2027 |  | 3.750% |  | 750,000 |  |  | 739,733 |
2029 Notes |  | 2029 |  | 4.625% |  | 1,000,000 |  |  | 985,730 |
2030 Notes |  | 2030 |  | 4.125% |  | 1,000,000 |  |  | 985,643 |
Total Debt |  | $ | 6,850,000 |  |  | $ | 6,765,532 |
____________________ (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. 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, 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 months ended March 31, 2021, the commitment fee was 0.375%. (3)Interest on any outstanding balance is payable monthly. As of March 31, 2021, we had four interest rate swap agreements outstanding with third-party financial institutions having an aggregate notional amount of $1.5 billion at a LIBOR rate of 2.8297%. As of December 31, 2020, 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.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule | The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2021:
(In thousands) |  | Future Minimum Payments
2021 (remaining) |  | $ | — |
2022 |  | 10,000 |
2023 |  | 22,000 |
2024 |  | 2,068,000 |
2025 |  | 750,000 |
2026 |  | 1,250,000 |
Thereafter |  | 2,750,000 |
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) + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration