Medical Properties Trust (MPT) announced the closing of a series of financing transactions, resulting in the issuance of $2.4 billion in new 9.25% senior secured notes due 2032. The deal, conducted through a private placement and exchange with institutional investors, is aimed at refinancing existing debt and extending the company's maturity profile.
Key Details
- New Issuance: The company issued $2.4 billion in aggregate principal amount of 9.25% senior secured notes, which will mature on February 15, 2032.
- Use of Proceeds: Net cash proceeds will be used to fund the full redemption of its senior notes due 2026 and a partial redemption of its senior notes due 2027.
- Debt Exchange: The transaction also included a private exchange that refinanced approximately $1.5 billion of existing unsecured notes with maturities ranging from 2027 to 2031.
- Note Terms: Interest is payable semi-annually, commencing December 15, 2026. The notes are redeemable by MPT at a "make-whole" price prior to August 10, 2028, with certain exceptions.