Medical Properties Trust, Inc. (MPW) said Friday that the public offering of $200 million aggregate principal amount of senior notes due 2022 by its operating partnership, MPT Operating Partnership, L.P., and MPT Finance Corporation, a wholly owned subsidiary of the operating partnership, priced today with a coupon of 6.375%, at an issue price of 100%.
The operating partnership plans to use the net proceeds from the offering of notes, together with borrowings and net proceeds from other financing arrangements, to fund the anticipated acquisition of Ernest Health, Inc. and related deals, which the company announced on January 31, and for general corporate purposes, including debt repayment and funding future acquisitions and investments.
If the Ernest deals have not been consummated on or before the closing of the notes offering, the proceeds of the offering will be placed in escrow pending the completion of the deals. If the Ernest deals do not close, the issuer will be required to redeem the notes.
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