MPT Operating Partnership, L.P. and its wholly owned subsidiary, MPT Finance Corporation, each a subsidiary of Medical Properties Trust, Inc. (NYSE: MPT), completed a series of refinancing transactions under an exchange and purchase agreement with certain institutional investors providing for a private placement for new money, together with a private exchange for outstanding senior notes, resulting in the issuance of US$2.4 billion in aggregate principal amount of new 9.25% senior secured notes due 2032. Together, the refinancing transactions comprehensively extended maturities across Medical Properties Trust’s capital structure and reduced total principal debt by approximately US$123 million.
Latham & Watkins LLP represented Medical Properties Trust in the refinancing with a Liability Management and Capital Markets team led by John Sobolewski, Global Chair of Latham’s Liability Management Practice and Global Vice Chair of the Capital Markets Practice, partner Benjamin Stern, and counsel Gemma Mootoo Rajah, with associates Charles See, Ari Anderson, Harrison Hong, Justin Deuell, and Sam Berry. Advice was provided on private equity finance matters by partner Jennifer Kent, with associates Mei Randall, Josh Haberl,* and Catherine Cook; on tax matters by partners Aaron Bernstein and Christine Mainguy, with associate Farrah Yan; and on real estate matters by partner Dara Denberg, with associate Thomas Ficchi.
*Admitted to practice in New York only.
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