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$MPW said it has completed the previously announced acquisition of the real estate interests from IASIS Healthcare Corporation of 10 acute care hospitals and one behavioral health facility with Steward Health Care System becoming the facilities’ new operator. Additionally, $MPW invested $100MM in minority preferred interests of Steward.
William McKenzie, a BoD member of $MPW, has passed away. He served as Executive Chairman of the board and then as Vice Chairman. He was the current chair of the board’s Ethics, Nominating and Corporate Governance Committee and a former member of the Investment Committee.
$MPW will invest $1.4Bil in 10 acute care hospitals and one behavioral health facility. Nine hospitals will be acquired for $700MM and leased back to Steward under the master lease, which has expiration date of Oct.31, 2031, and includes three 5-year extension terms, resulting in a GAAP yield of 10.2%. The transaction will close by Sept. 30, 2017.
$MPW agreed to buy real estate interests of 10 acute care hospitals and 1 behavioral health facility currently operated by IASIS Healthcare and to be operated by Steward Health Care System when transaction is closed. The $1.4Bil billion real estate transaction will be immediately accretive to normalized FFO per share by about $0.10 in 2018.
$MPW announced that it has priced its underwritten public offering of 37.5MM shares of its common stock at a public offering price of $13.25 per share. Net proceeds from the offering, estimated to be about $476MM, will be used to fund acquisition charges, for the purchase of two acute care hospitals and to repay borrowings.
$MPW announced that its operating partnership, MPT Operating Partnership LP, and MPT Finance Corp., intend to offer EUR 500MM aggregate principal amount of senior notes. The net proceeds will be used to extinguish outstanding term loans, unpaid interest thereon, as well as to to finance the remaining closings of the real estate assets.
MPT Operating Partnership, L.P., the subsidiary of $MPW has closed a new $1.7Bil senior unsecured credit facility. The Borrower intends to use the proceeds of EUR Term Loan together with cash on hand to redeem its EUR200 million 5.750% Senior Notes due 2020.
$MPW has acquired the real estate interests of nine acute care hospitals operated by Steward Health Care System LLC and an equity interest in Steward. The company financed the acquisitions with proceeds from its recently closed public offering of 57.5MM shares of common stock and borrowings from its revolving credit facility.
$MPW began offering to sell 33.5MM common shares in underwritten public offering. $MPW plans to grant underwriters 30-day option to buy up to additional 5.025MM shares. $MPW plans to use proceeds to partially fund purchase of portfolio of assets from Steward Health Care System and portion of purchase of assets from Median Kliniken affiliates.
Real estate investment trust $MPW has agreed to acquire the real estate interests of 9 acute care hospitals operated by Steward Health Care System LLC. The total transaction value of $1.25Bil includes a $1.2Bil investment in hospital real estate and a $50MM equity investment in Steward. The expected per share accretion is approx. 10%.
$MPW said it has elected Michael G. Stewart and C. Reynolds Thompson, III to its BoD. Stewart, presently a private investor and an attorney, was EVP, General Counsel and Secretary of the company from 2005 to 2010. Thompson is Chairman and Chief Investment Officer of Select Strategies Realty of Cincinnati, a privately held real estate company.
$MPW said its operating partnership, MPT Operating Partnership, and MPT Finance, a unit of the Operating Partnership, priced with a coupon of 5.250% the previously announced public offering of $500MM aggregate of senior notes due 2026. The Notes will be senior unsecured obligations of the Issuers, guaranteed by $MPW.