Medical Properties repays revolving loans via sale of properties

By Marisa Wong

Los Angeles, Oct. 11 – Medical Properties Trust, Inc. plans to reduce the balance of its revolving credit facility using proceeds from a sale of its Australian facilities to HMC Capital, according to a press release.

Proceeds from the sale will also be used to increase cash availability.

In addition, the company announced that it has repurchased since the end of the second quarter, in a series of open market transactions, about £50 million of its 2.55% notes due December 2023 at a repurchase yield averaging almost 13%.

Following these transactions, the company maintains about $950 million of immediate liquidity, which is sufficient to address all remaining 2023 and 2024 debt maturities before considering anticipated dividend savings and expected proceeds from the sale of three Connecticut facilities leased to Prospect.

Medical Properties is a Birmingham, Ala.-based hospital-focused real estate investment trust.

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