Medical Properties upsizes facility commitments, term loan, revolver

By Susanna Moon

Chicago, Oct. 21 – Medical Properties Trust, Inc. upsized its facility commitments to $1.15 billion and lifted the accordion provision for incremental term loans and revolving loans to up to another $400 million, for a total size of $1.55 billion.

The company amended the facility last Friday with JPMorgan Chase Bank, NA as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also increases the alternative currency sublimit under the facility to €500 million and amends covenants to allow the company to complete and finance its planned acquisition of the real estate assets of Median Kliniken Sarl for €705 million.

The company also received a commitment letter from JPMorgan and a syndicate of lenders for a new one-year senior unsecured term loan of up to $225 million.

The commitment will be reduced by the amount of additional debt and equity capital that the company raises, or if the term loan is then funded the company will be obligated to repay the term loan in that amount, the filing noted.

The Median deal will be financed with proceeds of borrowings under the company’s senior credit facility, new secured and unsecured debt issuances or equity issues.

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

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