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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt The following tables detail our debt obligations as of December 31, 2018 and 2017:
($ 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)(3)
 
2022
 
L + 2.00%
 
$
—

 
$
—

Term Loan B Facility(3)(4)(5)
 
2024
 
L + 2.00%
 
2,100,000

 
2,073,784

Second Lien Notes(6)
 
2023
 
8.00%
 
498,480

 
498,480

CPLV Debt
 
 
 
 
 
 
 
 
CMBS Debt (the “CPLV CMBS Debt”) (7)
 
2022
 
4.36%
 
1,550,000

 
1,550,000

Total Debt
 
$
4,148,480

 
$
4,122,264

($ in thousands)
 
December 31, 2017
Description of Debt
 
Final
Maturity
 
Interest Rate
 
Face Value
 
Carrying Value(1)
VICI PropCo Senior Secured Credit Facilities
 
 
 
 
 
 
 
 
Revolving Credit Facility(2)(3)
 
2022
 
L + 2.25%
 
$
300,000

 
$
300,000

Term Loan B Facility(3)(4)(5)
 
2024
 
L + 2.25%
 
2,200,000

 
2,168,864

Second Lien Notes(6)
 
2023
 
8.00%
 
766,892

 
766,892

CPLV Debt
 
 
 
 
 
 
 
 
CMBS Debt (the “CPLV CMBS Debt”) (7)
 
2022
 
4.36%
 
1,550,000

 
1,550,000

Total Debt
 
$
4,816,892

 
$
4,785,756

____________________
(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. Any unused balance is subject to a 0.5% commitment fee paid quarterly.
(3)
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%.
(4)
Interest is payable monthly. On April 24, 2018, we entered into four interest rate swap agreements with third party financial institutions having an aggregate notional amount of $1.5 billion. 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 at 2.8297%.
(5)
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).
(6)
Interest is payable semi-annually.
(7)
Interest is payable monthly.
The following table summarizes our debt related transactions from the Formation Date to December 31, 2018:
 
 
Face Value (In thousands)
Description of Debt
 
Debt At Formation
 
Mandatory Conversion
 
Refinancing Transactions
 
Debt at December 31, 2017
 
IPO Transaction
 
Debt at December 31, 2018
VICI PropCo Senior Secured Credit Facilities
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
$
—

 
$
—

 
$
300,000

 
$
300,000

 
$
(300,000
)
 
$
—

Term Loan B Facility
 
 
 
 
 
2,200,000

 
2,200,000

 
(100,000
)
 
2,100,000

First Lien Term Loan (“Prior Term Loan”)
 
1,638,387

 
—

 
(1,638,387
)
 
—

 
—

 
—

First Priority Senior Secured Notes (“Prior First Lien Notes”)
 
311,721

 
—

 
(311,721
)
 
—

 
—

 
—

Second Lien Notes
 
766,892

 
—

 
—

 
766,892

 
(268,412
)
 
498,480

CPLV Debt
 
 
 
 
 
 
 
 
 
 
 
 
CPLV CMBS Debt
 
1,550,000

 
—

 
—

 
1,550,000

 
—

 
1,550,000

CPLV Mezzanine Debt
 
 
 
 
 
 
 
 
 
 
 


Senior tranche
 
200,000

 
—

 
(200,000
)
 
—

 
—

 
—

Intermediate tranche
 
200,000

 
—

 
(200,000
)
 
—

 
—

 
—

Junior tranche
 
250,000

 
(250,000
)
 
—

 
—

 
—

 
—

Total Debt
 
$
4,917,000

 
$
(250,000
)
 
$
149,892

 
$
4,816,892

 
$
(668,412
)
 
$
4,148,480
Contractual Obligation, Fiscal Year Maturity Schedule The following is a schedule of future minimum repayments of our long-term debt as of December 31, 2018:
(Dollars in thousands)
Future Minimum Payments
2019
$
—

2020
—

2021
—

2022
1,560,000

2023
520,480

Thereafter
2,068,000

Total minimum repayments
$
4,148,480