In connection with the issuance of new senior secured notes, the company secured amendments to its credit facilities

Davis Polk advised the representative of the several initial purchasers in connection with a Rule 144A / Regulation S offering by MPT Operating Partnership, L.P and MPT Finance Corporation, wholly owned subsidiaries of Medical Properities Trust, Inc. (MPT), of $1.5 billion aggregate principal amount of their 8.500% senior secured notes due 2032 and €1.0 billion aggregate principal amount of their 7.000% senior secured notes due 2032.

Davis Polk also advised the administrative and collateral agent in connection with amendments to MPT’s existing unsecured $1.28 billion revolving credit facility and $200 million term loan facility to, among other things, facilitate the new secured notes issuance and to secure such existing facilities on a pari passu basis.

Both the notes and loans are guaranteed by MPT and certain of its subsidiaries and secured by first-priority liens on equity of certain of its subsidiaries.

MPT is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. It is one of the world’s largest owners of hospital real estate, with 402 facilities and approximately 40,000 licensed beds in nine countries and across three continents.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten, counsel Joze Vranicar and associates David Giordano and Maddie White. The finance team included partners Kenneth J. Steinberg and Aaron Ferner, counsel Bernard Tsepelman and Michael Taufner and associate Claudia Herron. Members of the Davis Polk team are based in the New York and London offices.

 

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