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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail our debt obligations as of March 31, 2022 and December 31, 2021:
($ In thousands)March 31, 2022
Description of DebtMaturityInterest RateFace Value
Carrying Value(1)
Revolving Credit Facility (2)
2026
SOFR + 1.425%
$600,000 $600,000 
Delayed Draw Term Loan (2)
2025
SOFR + 1.700%
— — 
November 2019 Notes(3)
2026 Maturity20264.250%1,250,000 1,236,685 
2029 Maturity20294.625%1,000,000 987,731 
February 2020 Notes(3)
2025 Maturity20253.500%750,000 743,263 
2027 Maturity20273.750%750,000 741,828 
2030 Maturity20304.125%1,000,000 987,507 
Total Debt$5,350,000 $5,297,014 
($ In thousands)December 31, 2021
Description of Debt
Maturity		Interest RateFace Value
Carrying Value(1)
Secured Revolving Credit Facility (4)
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$4,750,000 $4,694,523 
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(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.
(2)Interest on any outstanding balance is payable monthly. Borrowings under the Revolving Credit Facility and Delayed Draw Term Loan bear interest at a rate based on a credit rating-based pricing grid with a range of 0.775% to 1.325% margin plus SOFR and a range of 0.85% to 1.60% margin plus SOFR, respectively, depending on our credit ratings, with an additional 0.10% adjustment. Additionally, the commitment fees under the Revolving Credit Facility and Delayed Draw Term Loan are calculated on a credit rating-based pricing grid with a range of 0.15% to 0.375%, for both instruments depending on our credit ratings. For the three months ended March 31, 2022, the commitment fees for both the Revolving Credit Facility and Delayed Draw Term Loan were 0.375%.
(3)Interest is payable semi-annually.
(4)On February 8, 2022, we terminated the Secured Revolving Credit Facility (including the first priority lien on substantially all of VICI PropCo’s and its existing and subsequently acquired wholly owned material domestic restricted subsidiaries’ material assets) and the Existing Credit Agreement, and entered into the Credit Agreement providing for the Credit Facilities, as described below.
Schedule of Contractual Obligation, Fiscal Year Maturity Schedule
The following table is a schedule of future minimum payments of our debt obligations as of March 31, 2022:
(In thousands)Future Minimum Payments
2022 (remaining)$— 
2023— 
2024— 
2025750,000 
20261,850,000 
2027750,000 
Thereafter2,000,000 
Total minimum repayments$5,350,000