New Issue: Medical Properties prices $300 million 10-year notes at par to yield 5½%

By Paul A. Harris

Portland, Ore., April 10 - Medical Properties Trust, Inc. priced a $300 million issue of 10-year senior notes (Ba1/BB) at par to yield 5½% in a quick-to-market transaction Thursday, according to market sources.

The yield came at the wide end of yield talk that had been set in the 5 3/8% area.

BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC, Barclays and KeyBanc Capital Markets were the joint bookrunners.

Proceeds will be used to repay the trust's revolver and for general corporate purposes, which may include investing in additional healthcare properties.

Medical Properties Trust is a Birmingham, Ala.-based real estate investment trust (REIT) focused on the health care industry.

Issuer:	MPT Operating Partnership, LP, the operating partnership of Medical Properties Trust, and MPT Finance Corp., a wholly owned subsidiary of the operating partnership
Amount:	$300 million
Maturity:	May 1, 2024
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	J.P. Morgan Securities LLC, Barclays, KeyBanc Capital Markets
Lead managers:	Deutsche Bank Securities Inc., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Raymond James & Associates, Inc., Regions Securities LLC
Coupon:	5½%
Price:	Par
Yield:	5½%
Spread:	288 bps
First call:	May 1, 2019 at 102.75
Trade date:	April 10
Settlement date:	April 17
Ratings:	Moody's: Ba1
	Standard & Poor's: BB
Distribution:	SEC registered
Price talk:	5 3/8% area
Marketing:	Quick to market

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