Debt (Tables)

12 Months Ended

Dec. 31, 2019

The following tables detail our debt obligations as of December 31, 2019 and 2018:



($ in thousands)	December 31, 2019
Description of Debt	Final 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 + 2.00%	2,100,000		2,076,962
Second Lien Notes⁽⁴⁾	2023	8.00%	498,480		498,480
November 2019 Senior Unsecured Notes
2026 Notes⁽⁵⁾	2026	4.25%	1,250,000		1,231,227
2029 Notes⁽⁵⁾	2029	4.625%	1,000,000		984,894
Total Debt			$	4,848,480	$	4,791,563



($ in thousands)	December 31, 2018
Description of Debt	Final Maturity	Interest Rate	Face Value		Carrying Value⁽¹⁾
VICI PropCo Senior Secured Credit Facilities
Revolving Credit Facility⁽²⁾	2022	L + 2.00%	$	—	$	—
Term Loan B Facility⁽³⁾	2024	L + 2.00%	2,100,000		2,073,784
Second Lien Notes⁽⁴⁾	2023	8.00%	498,480		498,480
CPLV Debt
CPLV CMBS Debt ⁽⁶⁾	2022	4.36%	1,550,000		1,550,000
Total Debt			$	4,148,480	$	4,122,264

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(1)	Carrying value is net of original issue discount and unamortized debt issuance costs incurred in conjunction with debt.

(2)

Interest on any outstanding balance is payable monthly. The Revolving Credit Facility initially bore interest at LIBOR plus 2.25% and was subject to a 0.5% commitment fee. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%. On May 15, 2019, we amended our Revolving Credit Facility to, among other things, increase borrowing capacity by $600 million to a total of $1.0 billion and extend the maturity date to May 2024. After giving effect to the amendments executed on May 15, 2019, 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, after giving effect to the amendments executed on May 15, 2019, 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. As of December 31, 2019, the commitment fee was 0.375%.

(3)

Interest on any outstanding balance is payable monthly. The Term Loan B Facility initially bore interest at LIBOR plus 2.25%. Upon our initial public offering, on February 5, 2018, the interest rate was reduced to LIBOR plus 2.00%. In connection with the repricing of the Term Loan B Facility in January of 2020, the interest rate was decreased to LIBOR plus 1.75%. As of December 31, 2019, 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%. As of December 31, 2018, 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%. The interest rate swaps are designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt. Final maturity is December 2024 or, to the extent the Second Lien Notes remain outstanding, July 2023 (three months prior to the maturity of the Second Lien Notes).


(4)	Interest is payable semi-annually. Subsequent to the year end, on February 20, 2020 the Second Lien Notes were redeemed in full.


(5)	Interest is payable semi-annually.


(6)	The CPLV CMBS Debt was repaid in full on November 26, 2019 with proceeds from the November 2019 Senior Unsecured Notes.

Contractual Obligation, Fiscal Year Maturity Schedule

The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2019:



($ in thousands)	Future Minimum Payments
2020	$	—
2021	—
2022	10,000
2023 ⁽¹⁾	520,480
2024	2,068,000
Thereafter	2,250,000
Total minimum repayments	$	4,848,480

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(1) $498.5 million represents the Second Lien Notes which were redeemed in full on February 20, 2020.