Medical Properties Trust Prices Share Flotation
Feb 28th 2013 10:08PM
Updated Mar 1st 2013 7:20AM
Medical Properties Trust has put a price on its latest public offering of stock.The company's new shares will carry a price tag of $14.25 each. Eleven million shares of common stock are to be floated in the issue.
Additionally, the company has granted the underwriters of the issue a 30-day option to buy up to an additional 1.65 million shares.
The firm anticipates the offering will result in net proceeds of around $150 million, a figure which could climb to nearly $173 million if the issue's underwriters exercise their option in full. Those underwriters include Bank of America's Merrill Lynch unit, Deutsche Bank's Deutsche Bank Securities, and JPMorgan Chase affiliate J.P. Morgan.
Medical Properties Trust said it would use the proceeds of the issue to "repay borrowings under its revolving credit facility and for general corporate purposes, including investing in additional health care properties."
The offering is expected to close on March 5.
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