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Medical Properties buys back some 2.55% notes due 2033 in Q2
By Marisa Wong
Los Angeles, Oct. 11 – Medical Properties Trust, Inc. has repurchased since the end of the second quarter, in a series of open market transactions, about £50 million of its 2.55% notes due December 2023 at a repurchase yield averaging almost 13%, according to a press release.
The company also announced that it will reduce the balance of its revolving credit facility using proceeds from a sale of its Australian facilities to HMC Capital. Funds from the sale will also be used to increase cash availability.
Following these transactions, the company maintains about $950 million of immediate liquidity, which is sufficient to address all remaining 2023 and 2024 debt maturities before considering anticipated dividend savings and expected proceeds from the sale of three Connecticut facilities leased to Prospect.
Medical Properties is a Birmingham, Ala.-based hospital-focused real estate investment trust.
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