Medical Properties Trust to terminate $150 million term loan, enter amendment with pricing of notes

By Jennifer Chiou

New York, April 19 - Medical Properties Trust Inc. announced that it will terminate its $150 million term loan and enter into an amendment to its existing credit agreement to provide for a new $250 million unsecured revolving credit facility.

The amendment was announced on April 12 and is contingent on the company's 6 7/8% notes issue.

The company noted that the amendment is expected to provide for $330 million of commitments with up to $225.8 million available under the revolver at close giving effect to borrowing base capacity and outstanding letters of credit.

In addition to the term loan repayment and termination, proceeds from the notes will be used to repay revolver borrowings and a $9 million term loan collateralized by a rehabilitation hospital in Wichita, Kan., as well as for general business purposes.

The completion of the notes offer and entry into the new facility are anticipated for April 26, according to a press release.

Medical Properties Trust is a Birmingham, Ala.-based real estate investment trust that acquires, develops and invests in health-care facilities.

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