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Medical Properties Trust unit closes $1.7B credit facility

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Medical Properties Trust unit closes $1.7B credit facility

Medical Properties Trust Inc. said its subsidiary MPT Operating Partnership LP closed a new $1.7 billion senior unsecured credit facility.

The facility comprises a $1.3 billion senior unsecured revolving credit facility initially priced at 125 basis points over LIBOR, a $200 million senior unsecured term loan denominated in U.S. dollars priced at 150 basis points above LIBOR and a €200 million senior unsecured term loan denominated in euros priced at 150 basis points above LIBOR.

The new facility replaces an existing $1.3 billion senior unsecured revolving credit facility and a $250 million unsecured term loan.

The borrower plans to use the proceeds from the euro term loan along with cash on hand to redeem its €200 million 5.750% senior notes due 2020, including premium and accrued and unpaid interest.

The $1.3 billion revolving facility matures in 2021 and has a one-year extension option. The $200 million term loan matures in 2022 and the €200 million loan matures in 2020 with a one-year extension option.

The facility has an accordion feature allowing an expansion of up to $500 million through increases in the revolving facility and the $200 million term loan. It also allows the unit to borrow up to €650 million in alternative currencies, including euros and U.K. pounds.