MPT launches up to $2.0B+ senior secured notes; redeems $1.7B+ in existing notes

MEDICAL PROPERTIES TRUST INC

Offers up to $2.0B USD and €500M senior secured notes due 2032.
Concurrent credit amendment: remove Covenant Relief Period, extend revolver to June 2027, reset rate to SOFR+2.25%.
Prospect filed Ch.11 on Jan 11, 2025; MPT expects Q4 2024 impairments on ~$1.0B real estate and $200M PHP Holdings.
Steward re-tenanting: 18 of 23 facilities leased; cash rent expected to ramp to 57% by Q4 2025, 100% by end 2026.

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