Published on 3/17/2021 in the Prospect News High Yield Daily.
New Issue: Medical Properties prices £850 million five-, nine-year senior notes
By Wendy Van Sickle
Columbus, Ohio, March 17 – Medical Properties Trust, Inc. sold £850 million of senior notes in two tranches on Wednesday, according to a news release.
The notes are being sold via MPT Operating Partnership, LP and MPT Finance Corp. and are guaranteed by Medical Properties Trust.
The company priced £500 million of 2½% five-year senior notes at 99.937 to yield 2.514%, or 210 basis points over U.K. Treasuries.
The issuer also sold £350 million of 3 3/8% nine-year senior notes at 99.448 to yield 3.446%, or a 255 bps spread.
Joint bookrunners were Goldman Sachs & Co. LLC, Barclays, J.P. Morgan Securities plc, BofA Securities Inc., KeyBanc Capital Markets Inc., BNP Paribas, Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Mizuho International plc, MUFG, RBC Europe Ltd., Truist Securities Inc. and Wells Fargo Securities LLC.
Proceeds will be used to repay credit facility borrowings.
The health care focused real estate investment trust is based in Birmingham, Ala.
| Issuers: | MPT Operating Partnership, LP and MPT Finance Corp.
|
| Guarantor: | Medical Properties Trust, Inc.
|
| Amount: | £850 million
|
| Securities: | Senior notes
|
| Joint bookrunners: | Goldman Sachs & Co. LLC, Barclays, J.P. Morgan Securities plc, BofA Securities Inc., KeyBanc Capital Markets Inc., BNP Paribas, Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., Mizuho International plc, MUFG, RBC Europe Ltd., Truist Securities Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Scotiabank Europe plc and Stifel Nicolaus & Co. Inc.
|
| Trade date: | March 17
|
| Settlement date: | March 24
|
| Distribution: | SEC registered
|
|
|
| 2026 notes
|
| Amount: | £500 million
|
| Maturity: | March 24, 2026
|
| Coupon: | 2½%
|
| Price: | 99.937
|
| Yield: | 2.514%
|
| Spread: | 210 bps
|
| Call: | Make-whole call at U.K. Treasuries plus 35 bps until one month prior to maturity, then at par
|
| Change-of-control: | 101%
|
|
|
| 2030 notes
|
| Amount: | £350 million
|
| Maturity: | April 24, 2030
|
| Coupon: | 3 3/8%
|
| Price: | 99.448
|
| Yield: | 3.446%
|
| Spread: | 255 bps
|
| Call: | Make-whole call at U.K. Treasuries plus 40 bps until three months prior to maturity, then at par
|
| Change-of-control: | 101%
|
|
|
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