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Medical Properties closes $1.7 billion three-tranche credit facility
By Wendy Van Sickle
Columbus, Ohio, Feb. 2 – Medical Properties Trust, Inc. subsidiary MPT Operating Partnership, LP closed a new $1.7 billion senior unsecured credit facility, according to a press release.
The credit facility is comprised of a $1.3 billion senior unsecured revolving credit facility initially priced at Libor plus 125 basis points, a $200 million senior unsecured term loan priced at Libor plus 150 bps and a €200 million senior unsecured term loan priced at Libor plus 150 bps.
There is an accordion feature providing for up to an additional $500 million of revolving or term loan borrowings and up to an additional €650 million in alternative currencies, including euros and pounds.
The revolver matures in 2021 and can be extended for an additional year.
The term loan matures in 2022 and the euro term loan matures in 2020 and can be extended for an additional year.
JP Morgan Chase Bank, NA and Bank of America Merrill Lynch are the bookrunners and are joined as lead arrangers by Barclays Bank plc, Goldman Sachs Bank USA and KeyBank NA. JPMorgan is the administrative agent and Bank of America, NA is the syndication agent.
The new credit facility replaces the Medical Properties’ existing $1.3 billion senior unsecured revolving credit facility and $250 million unsecured term loan.
The borrower plans to use the proceeds of the euro term loan along with cash on hand to redeem its €200 million 5¾% senior notes due 2020, including premium and accrued interest.
Medical Properties is a Birmingham, Ala.-based self-advised real estate investment trust focused on investing in and owning net-leased health care facilities.
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