Medical Properties Trust, Inc. (the “Company” or “MPT”)
(NYSE: MPW) announced today that it has priced its underwritten
public offering of 37,500,000 shares of its common stock at a
public offering price of $13.25 per share. The Company has granted
the underwriters a 30-day option to purchase up to an additional
5,625,000 shares of its common stock. The Company estimates that
the net proceeds from the offering, after underwriting discounts
and commissions and estimated offering expenses, will be
approximately $476.0 million, or approximately $547.6 million if
the underwriters’ option to purchase additional shares is exercised
in full.
The Company intends to use the net proceeds from the offering to
fund the cash purchase price payable by MPT in connection with its
acquisition of eight hospitals in Florida, Ohio and Pennsylvania
from Steward Health Care System LLC (the “Steward Transactions”),
the purchase of two acute care hospitals located in the Ohio Valley
Region from Alecto Healthcare Services LLC (the “Alecto
Acquisition”), the purchase of the St. Joseph Medical Center in
Lewiston, Idaho, and Lourdes Health in Pasco, Washington, from RCCH
HealthCare Partners (the “RCCH Acquisition”), with the balance of
the net proceeds to be used to repay borrowings under the Company’s
revolving credit facility. The Company may use any remaining net
proceeds from this offering to partially fund the contractual
purchase price for any potential transactions that it consummates
in the future. This offering is not conditioned upon the successful
completion of the Steward Transactions, the Alecto Acquisition, the
RCCH Acquisition or the previously announced acquisition of assets
from affiliates of Median Kliniken S.à.r.l. (“the “New MEDIAN
Transactions”). Pending such use, the Company intends to invest the
net proceeds from the offering in short-term interest-bearing
securities.
Goldman, Sachs & Co., BofA Merrill Lynch, KeyBanc Capital
Markets, Barclays, Credit Suisse, J.P. Morgan, RBC Capital Markets,
SunTrust Robinson Humphrey, and Wells Fargo Securities acted as
joint book running managers for the offering; BBVA, Credit Agricole
CIB, MUFG, Scotiabank and Stifel acted as co-lead managers.
The offering is expected to close on May 1, 2017, subject to
customary closing conditions. All of the shares of common stock
will be issued under the Company’s effective shelf registration
statement previously filed with the Securities and Exchange
Commission (“SEC”). The offering is being made only by means of a
prospectus supplement and accompanying prospectus. When available,
copies of the final prospectus supplement and the prospectus
relating to the offering may be obtained from Goldman, Sachs &
Co., Attn: Prospectus Department, 200 West Street, New York, NY
10282, telephone: (866) 471-2526, email:
prospectus-ny@ny.email.gs.com, from BofA Merrill Lynch, Attention:
Prospectus Department, 200 North College Street, 3rd Floor,
NC1-004-03-43, Charlotte, NC 28255-0001 or by email at
dg.prospectus_requests@baml.com, or from KeyBanc Capital Markets
Inc., Attention: Prospectus Delivery Department, 127 Public Square,
4th Floor, Cleveland, OH 44114, telephone: (800) 859-1783, or by
visiting the EDGAR database on the SEC’s web site
at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any shares of the Company’s common
stock, nor shall there be any sale of these securities in any
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate
investment trust formed to capitalize on the changing trends in
healthcare delivery by acquiring and developing net-leased
healthcare facilities. MPT’s financing model allows hospitals and
other healthcare facilities to unlock the value of their underlying
real estate in order to fund facility improvements, technology
upgrades, staff additions and new construction. Facilities include
acute care hospitals, inpatient rehabilitation hospitals, long-term
acute care hospitals, and other medical and surgical
facilities.
This press release includes “forward-looking statements” within
the meaning of securities laws of applicable jurisdictions.
Forward-looking statements can generally be identified by the use
of forward-looking words such as “may”, “will”, “would”, “could”,
“expect”, “intend”, “plan”, “aim”, “estimate”, “target”,
“anticipate”, “believe”, “continue”, “objectives”, “outlook”,
“guidance” or other similar words, and include statements regarding
MPT’s plans, strategies, objectives, targets, future expansion and
development activities, expected financial performance and expected
use of proceeds from this offering. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results of the Company or future events
to differ materially from those expressed in or underlying such
forward‐looking statements, including without limitation: the
satisfaction of all conditions to, and the timely closing (if at
all), of the Steward Transactions, the Alecto Acquisition, the RCCH
Acquisition and the New MEDIAN Transactions; the amount of
acquisitions of healthcare real estate, if any; capital markets
conditions; statements concerning the additional income to the
Company as a result of ownership interests in certain hospital
operations and the timing of such income; the payment of future
dividends, if any; national and international economic, business,
real estate and other market conditions; the competitive
environment in which the Company operates; the execution of the
Company's business plan; financing risks; the Company's ability to
maintain its status as a REIT for federal income tax purposes;
acquisition and development risks; potential environmental and
other liabilities; and the factors referenced under the section
captioned “Item 1.A Risk Factors” in the Company’s annual report on
Form 10-K for the year ended December 31, 2016. Actual results,
performance or achievements may vary materially from any
projections and forward looking statements and the assumptions on
which those statements are based. Readers are cautioned not to
place undue reliance on forward-looking statements, and MPT
disclaims any responsibility to update such information.
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version on businesswire.com: http://www.businesswire.com/news/home/20170425007064/en/
Medical Properties Trust, Inc.Tim Berryman, 205-397-8589Director
– Investor Relationstberryman@medicalpropertiestrust.com
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