Medical Properties Trust, Inc. (the “Company”) MPW, -3.90% announced today that its operating partnership, MPT Operating Partnership, L.P. (the “Operating Partnership”), and MPT Finance Corporation, a wholly-owned subsidiary of the Operating Partnership (“MPT Finance” and, together with the Operating Partnership, the “Issuers”), intend to offer, subject to market and other conditions, $750.0 million aggregate principal amount of senior notes due 2029 (the “Notes”). The Notes will be senior unsecured obligations of the Issuers, guaranteed by the Company.
The Issuers intend to use the net proceeds from the offering of the Notes (the “Notes Offering”), together with the net proceeds from the Company’s recently announced public offering of common stock and funds from additional financing arrangements, which may include borrowings under the Company’s bridge loan facility, revolving credit facility, cash on hand or a combination thereof, to fund the Company’s previously announced acquisitions of a portfolio of 14 acute care hospitals and two behavioral health facilities from Prospect Medical Holdings, Inc. (“Prospect”), and one acute care hospital from Halsen Healthcare (“Halsen”). The Notes Offering is not conditioned upon the successful completion of the Prospect or Halsen acquisitions, however, if the Company does not acquire, or determines not to acquire, substantially all of the Prospect portfolio, in either case, on or prior to 180 days after the closing date of the Notes Offering, the Issuers will be required to redeem all of the outstanding Notes in a special mandatory redemption.
Barclays, BofA Merrill Lynch, J.P. Morgan, BBVA, Credit Agricole CIB, Goldman Sachs, KeyBanc Capital Markets, MUFG, RBC Capital Markets, Stifel, SunTrust Robinson Humphrey and Wells Fargo Securities will act as joint book-running managers for the offering. Credit Suisse and Scotiabank will act as co-managers.
The Notes Offering will be made under an effective shelf registration statement of the Company, the Operating Partnership and MPT Finance previously filed with the Securities and Exchange Commission (the “SEC”). When available, a copy of the preliminary prospectus supplement, final prospectus supplement and the prospectus relating to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com, from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department or by email at dg.prospectus_requests@baml.com, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by phone at (866) 803-9204, or by visiting the EDGAR database on the SEC’s web site at www.sec.gov.
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This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any of its subsidiaries, nor shall there be any sale of any such securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Date: July 22, 2019
Source: MarketWatch