MPT closes $2.4B 9.25% secured notes due 2032; redeems 2026/2027 notes

MPT Operating Partnership, L.P.

Issued $2.4B aggregate principal of 9.25% senior secured notes due Feb 15, 2032; interest payable June 15/Dec 15.
Private exchange refinanced ~$1.5B of 2027-2031 unsecured notes; cash proceeds fund full redemption of 2026 notes and partial redemption of 2027 notes.
Notes guaranteed by MPT and subsidiaries; secured by first-priority liens on equity and real estate of First Lien Guarantors.
Redemption options: make-whole prior to Aug 10, 2028; up to 40% at 109.25% using equity offering proceeds.
Indenture covenants include maintaining unencumbered assets at least 150% of unsecured debt; customary defaults.

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