05:13 PM EST, 03/07/2024 (MT Newswires) -- VICI Properties ( VICI ) said Thursday its VICI Properties LP unit priced a public offering of $1.05 billion in principal amount of senior unsecured notes.

The offering consists of $550 million of 5.75% senior unsecured notes due 2034 and $500 million of 6.125% senior unsecured notes due 2054.

The offering is expected to close March 18, and interest on the notes will be paid on April 1 and Oct. 1 each year beginning in October, the company said.

The issuer plans to use the proceeds to repay $1.02 billion principal amount of 5.625% senior exchange notes due 2024 and $25.8 million principal amount of 5.625% senior notes due 2024.

Separately, VICI kept its quarterly cash dividend at $0.415 a share, payable April 4 to stockholders of record March 21.

Price: 29, Change: -0.02, Percent Change: -0.07