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Cravath represented the initial purchasers of $1 billion in common stock of VICI Properties Inc., a REIT that owns a portfolio of gaming, hospitality and entertainment destinations, including Caesars Palace in Las Vegas. The net proceeds of the offering will be used to partially fund the pending acquisition of the land and real estate assets of Harrah’s Las Vegas Hotel and Casino by VICI Properties in a sale leaseback transaction. Cravath also represented the investor group in connection with an agreement pursuant to which VICI Properties is able to purchase, before December 31, 2017, $400 million in principal amount of senior and intermediate mezzanine loans at 109.5 percent of the principal amount thereof, plus accrued and unpaid interest, subject to certain conditions including VICI Properties’ obtaining acceptable debt financing to fund the repurchase. The transactions are expected to close by December 31, 2017.
The Cravath team included partners Paul H. Zumbro and Andrew J. Pitts and associates Elizabeth J. Zhang and Adam M. Sanchez on corporate matters, and associate Arvind Ravichandran on tax matters. Marc Bode also worked on corporate matters.
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