Casino landlord VICI Properties (NYSE:VICI) is extending the deadline for MGM Growth Properties (NYSE:MGP) investors to exchange notes inwards that companionship for like instruments issued past the Caesars Palace owner.

The change is tied to VICI’s $17.2 1000000000 all-stock acquisition of its rival, which was proclaimed finally August. Under the terms of the transaction, VICI assumes $5.7 1000000000000 inwards MGP debt and gets MGM Resorts International’s (NYSE:MGM) $4.4 one thousand million stake inward the tangible demesne investment funds trustfulness (REIT) it spun cancelled inwards 2016.

VICI is gift MGP shareholders to a greater extent time to change “up to an combine principal amount of $4.20 billion” for young notes issued past the buyer.

The VICI Issuers hereby offer such expiration day of the month from 5:00 p.m., New York City time, on April 14, 2022 to 5:00 p.m., New York City time, on Apr 28, 2022,” said the REIT inwards a statement.

MGP investors will get 1.366 shares of newly issued VICI equity for to each one portion out of MGP they currently own.

Marriage Creating Strip Goliath

VICI’s acquisition of its rival creates the dominant proprietor of Las Vegas Strip gaming existent estate.

Through the deal, VICI adds Excalibur, Luxor, Mandalay Bay, MGM Grand, Mirage, New York New House of York and Mungo Park MGM as easily as various regional casinos operated past MGM Resorts International (NYSE:MGM). The Strip assets MGP brings to the tabular array supply to VICI’s portfolio inwards the largest US cassino center, which also includes Caesars Palace, the Venetian and the Venetian Expo and Convention Center.

The purchase was originally scheduled to snug inwards the 1st half of this yr and patch it remains on cart track to crown of thorns the finishing line, VICI adds it testament poke out remark exchange deadlines if needed.

“To the extent the consummation of the Mergers is non hoped-for to come on or before the then-anticipated Settlement Date, for any reason, the VICI Issuers forestall continuing to poke out the Expiration Date until such time that the Mergers may live consummated on or before the Settlement Date. The VICI Issuers will provide mark of any such extension in bring forward of the Expiration Date,” said the keep company in the statement.

VICI Committed to Getting Deal Done

It should live noted that inwards that in the months next declaration of the purchase of MGP, the wedlock has non appeared to follow inward jeopardy. Rather, VICI is displaying loyalty and flexibility by extending the notes exchange deadline.

VICI issued a monumental amount of new equity to, inward part, monetary fund the acquisition. That diluted current investors, but that could ultimately demonstrate to follow a instance of near-term pain, long full term gather because the deal transforms the buyer.

Overall, VICI is adding 15 gaming venues to its roster and almost $1.01 1000000000 in annualized rent. When the dealings closes, Las Vegas will ride 45% of VICI’s split base.

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