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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)

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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.

+ References

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