By Rebecca Melvin
New York, Dec. 11 – Medical Properties Trust Inc. sold £1 billion of senior notes in two tranches due 2023 and 2028, according to filings with the Securities and Exchange Commission. The notes settled on Dec. 5.
MPT Operating Partnership LP and MPT Finance Corp. were the issuers of the notes, which are guaranteed by Medical Properties Trust.
The £400 million tranche of 2023 notes priced at par to yield 2.55%, or a spread over U.K. Treasuries of 200 basis points.
The £600 million tranche of 2028 notes priced at par to yield 3.692%, or a spread over U.K. Treasuries of 300 bps.
The notes are freely callable at par plus interest, and have a change-of-control put at 101%.
Joint bookrunning managers were Goldman Sachs, Barclays Bank plc, Merrill Lynch International, Banco BBVA, Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., J.P. Morgan Securities, MUFG Securities EMEA, RBC Europe Ltd. and Wells Fargo Securities LLC.
About £367 million of the proceeds will be used to repay a revolving credit facility, with the remainder to be used for general corporate purposes, including funding working capital, capital expenditures and potential future acquisitions.
The Birmingham, Ala.-based company is a health care focused real estate investment trust.
| Issuers: | MPT Operating Partnership, LP and MPT Finance Corp.
|
| Guarantor: | Medical Properties Trust Inc.
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| Amount: | £1 billion
|
| Bookrunners: | Goldman Sachs, Barclays Bank plc, Merrill Lynch International, Banco BBVA, Credit Agricole CIB, Credit Suisse Securities (Europe) Ltd., J.P. Morgan Securities, MUFG Securities EMEA, RBC Europe Ltd. and Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets, Scotiabank Europe, Stifel, Nicolaus & Co. and SunTrust Robinson Humphrey
|
| Calls: | Callable at par plus accrued interest
|
| Change of control: | Yes, at 101%
|
| Trade date: | Nov. 21
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| Settlement date: | Dec. 5
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| Distribution: | SEC registered
|
|
|
| 2023 notes
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| Amount: | £400 million
|
| Maturity: | Dec. 5, 2023
|
| Coupon: | 2.55%
|
| Price; | Par
|
| Yield: | 2.55%
|
| Spread: | UKT plus 200 bps
|
|
|
| 2028 notes
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| Amount: | £600 million
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| Maturity: | Dec. 5, 2028
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| Coupon: | 3.692%
|
| Price: | Par
|
| Yield: | 3.692%
|
| Spread: | UKT plus 300 bps
|
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