VICI Dividend Growth & Investment Grade Ratings
BALANCE SHEET POSITIONED FOR GROWTH...
KEY CREDIT HIGHLIGHTS
Pending MGP acquisition enhances scale, diversity and tenant quality
strengthening VICI's overall credit profile
VICI positioned to migrate to investment grade with an effectively
unsecured capital structure, unencumbered asset pool and long-term net
leverage target range of 5.0x -5.5x
Well-laddered maturity schedule with no debt maturities until 2025
Improved cost of capital to support future growth opportunities
Potential accretion attainable as existing VICI and MGP debt is expected to
be refinanced at investment grade rates over time
($ and shares in millions)
CAPITALIZATION
Pro Forma for
the Venetian
Unsecured $2.5Bn Revolving Credit Facility
Unsecured $1.0Bn Delayed Draw Term Loan
Senior Unsecured Notes
Total Debt
$600
4,750
$5,350
Estimated Cash & Cash Equivalents
~430
Net Debt
$4,920
Common Shares Outstanding as of February 22, 2022
748.4
Share Price as of February 23, 2022
$26.97
Equity Market Capitalization
$20,184
2021 Adjusted EBITDA (Pro Forma for Venetian)(2)
1,556.9
Total Leverage Ratio
3.4x
3.2x
RECENT BALANCE SHEET ACTIVITY
•
On February 8, 2022, VICI entered into a new $2.5Bn unsecured revolving
credit facility ("RCF") and $1.0bn unsecured delayed draw term loan
facility ("DDTL"), and concurrently terminated its secured $1.0Bn revolver
RCF and DDTL interest rates based on the below pricing grid:
Net Leverage Ratio(2)
WELL-LADDERED DEBT MATURITY SCHEDULE ($MM) (3)
Debt Ratings
BBB+Baal or better
BBB / Baa2
BBB-
Baa3
BB+ / Ba1
Below BB+ / Ba1 or unrated
100% Long-Term Fixed Rate Debt
RCF SOFR
Facility
DDTL SOFR
Margin
Fee
Margin
100% Unsecured Debt
0.775%
0.15%
0.85%
0.85%
0.20%
0.95%
1.05%
0.25%
1.20%
1.20%
0.30%
1.40%
1.325%
0.375%
1.60%
$1,000
$1,900
•
On February 18, 2022, VICI settled 119mm shares outstanding under the
March 2021 and September 2021 Forward Sale Agreements, and drew
$600mm on its new unsecured revolver to fund the acquisition of The
Venetian
VICI
$600
$1,250
$750
$750
$1,000 $1,000
2022
2023
2024
2025
2026
2027
2028
2029
2030
Revolving Credit Facility (Unfunded)
Unsecured Notes
Delayed Draw Term Loan (Unfunded)
■Revolving Credit Facility (Funded)
Note: The documents governing the Company's debt are consistent with certain tax-related requirements related to security for the Company's debt.
(1) Reflects settlement of 119mm shares outstanding under March 2021 and September 2021 Forward Sale Agreements. (2) Consists of LTM Q4 2021 Adjusted EBITDA plus $250mm in initial annual base rent from the Venetian
Lease. See "Reconciliation from GAAP to Non-GAAP Measures" in this appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (3) Revolving Credit Facility
and Delayed Draw Term Loan maturities shown inclusive of applicable extension options.
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