VICI closes MGP acquisition; issues $5.0B senior notes, new $860M MGM lease

VICI PROPERTIES INC.

Merger with MGM Growth Properties closed on April 29, 2022; VICI acquires MGP's portfolio.
Amended MGM master lease has initial annual rent of $860M, 25-year term with three 10-year renewal options.
Issued $5.0B aggregate senior notes: 2025 ($0.5B), 2028 ($1.25B), 2030 ($1.0B), 2032 ($1.5B), 2052 ($0.75B).
Net proceeds used to redeem a majority of VICI OP Units from MGM and repay revolving credit.
Exchanged ~$4.1B of MGP notes; ~$90M remain as obligations of VICI Properties 2 L.P.

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