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Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail our debt obligations as of June 30, 2022 and December 31, 2021:
($ In thousands)June 30, 2022
Description of DebtMaturityInterest RateFace Value
Carrying Value(1)
Revolving Credit Facility (2)
2026
SOFR + 1.050%
$— $— 
Delayed Draw Term Loan (2)
2025
SOFR + 1.200%
— — 
November 2019 Notes(3)
2026 Maturity20264.250%1,250,000 1,237,398 
2029 Maturity20294.625%1,000,000 988,131 
February 2020 Notes(3)
2025 Maturity20253.500%750,000 743,848 
2027 Maturity20273.750%750,000 742,248 
2030 Maturity20304.125%1,000,000 987,880 
April 2022 Notes(3)
2025 Maturity20254.375%500,000 495,547 
2028 Maturity2028
4.516% (4)
1,250,000 1,235,846 
2030 Maturity2030
4.541% (4)
1,000,000 986,769 
2032 Maturity2032
3.980% (4)
1,500,000 1,479,804 
2052 Maturity20525.625%750,000 735,124 
Exchange Notes(3)
2024 Maturity20245.625%1,024,169 1,031,147 
2025 Maturity20254.625%799,368 780,513 
2026 Maturity20264.500%480,524 460,690 
2027 Maturity20275.750%729,466 739,627 
2028 Maturity20284.500%349,325 335,309 
2029 Maturity20293.875%727,114 655,340 
MGP OP Notes(3)
2024 Maturity20245.625%25,831 25,928 
2025 Maturity20254.625%632 612 
2026 Maturity20264.500%19,476 18,418 
2027 Maturity20275.750%20,534 20,518 
2028 Maturity20284.500%675 636 
2029 Maturity20293.875%22,886 20,167 
Total Debt
4.496% (5)
$13,950,000 $13,721,500 
($ In thousands)December 31, 2021
Description of Debt
Maturity		Interest RateFace Value
Carrying Value(1)
Secured Revolving Credit Facility (6)
2024
L + 2.00%
$— $— 
November 2019 Notes(3)
2026 Maturity20264.250%1,250,000 1,235,972 
2029 Maturity20294.625%1,000,000 987,331 
February 2020 Notes(3)
2025 Maturity20253.500%750,000 742,677 
2027 Maturity20273.750%750,000 741,409 
2030 Maturity20304.125%1,000,000 987,134 
Total Debt (5)
4.105%$4,750,000 $4,694,523 
____________________
(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 and Delayed Draw Term Loan bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR and a range of 0.85% to 1.60% margin plus SOFR, respectively, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility and Delayed Draw Term Loan are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the three and six months ended June 30, 2022, the commitment fees for both the Revolving Credit Facility and Delayed Draw Term Loan were 0.375%.
(3)Interest is payable semi-annually.
(4)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively.
(5)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of June 30, 2022, which excludes the impact of the forward-starting interest rate swaps and treasury locks, is 4.67%
(6)On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described below.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule
The following table is a schedule of future minimum principal payments of our debt obligations as of June 30, 2022:
(In thousands)Future Minimum Principal Payments
2022 (remaining)$— 
2023— 
20241,050,000 
20252,050,000 
20261,750,000 
20271,500,000 
Thereafter7,600,000 
Total minimum principal payments$13,950,000