Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) announced today that it has priced its underwritten public offering of 10,000,000 shares of common stock at a public offering price of $12.75 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of its common stock. The offering is expected to close on or about August 20, 2013, subject to customary closing conditions.
The Company estimates that the net proceeds from the offering, after deducting discounts and commissions and estimated offering expenses, will be approximately $122.0 million or approximately $140.4 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 a portion of the consideration for its previously announced acquisition of three general acute care hospitals from IASIS Healthcare LLC. Pending closing of the acquisition, the Company intends to use the net proceeds of the offering to repay amounts outstanding under its revolving credit facility and to invest in short-term, liquid investments. If the acquisition is not completed, the Company intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and for general corporate purposes, which may include investing in additional healthcare properties. The offering is not contingent upon the closing of the acquisition.
BofA Merrill Lynch, J.P. Morgan, Deutsche Bank Securities, KeyBanc Capital Markets and RBC Capital Markets acted as joint book-running managers for the offering; SunTrust Robinson Humphrey acted as lead manager; and BBVA and Raymond James acted as co-managers.All of the shares of common stock will be issued under the Company’s effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC"). A prospectus and preliminary prospectus supplement relating to this offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Copies of the prospectus and final prospectus supplement relating to these securities may be obtained, when available, from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or by e-mail at firstname.lastname@example.org or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling 1-866-803-9204 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.