A venture between an MPT affiliate and existing management of Ernest will acquire Ernest Health, Inc. for approximately $100 million, including approximately $96.5 million in MPT financing. MPT will have rights to a significant percentage of the profits and distributions of Ernest.
The Company intends to fund the acquisition with a combination of borrowings under MPT’s revolving credit facility, borrowings under a new term loan facility, as described below, net proceeds from other debt or equity capital market issuances, or a combination of the foregoing.
RBC Capital Markets, LLC acted as MPT’s exclusive financial advisor for this transaction.
PORTFOLIO UPDATE AND FUTURE OUTLOOKUpon completion of this transaction, Medical Properties Trust’s portfolio metrics will approximate the following:
- Largest operator will comprise 20% of pro forma total assets;
- Assets in California will comprise 22% of pro forma total assets;
- MPT’s largest property will make up 4% of pro forma total assets;
- General acute care hospitals will comprise approximately 51% of total invested assets, LTACHs 27%, and IRFs 21%
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