MPT closes $2.5 billion senior secured notes offering and amends credit facility

On February 13, 2025, MPT's operating partnership closed $1.5 billion of 8.500% notes due 2032 and €1.0 billion of 7.000% notes due 2032, and the company amended its revolving credit and term loan agreement. The notes are secured by first-priority liens on equity of subsidiaries owning or ground leasing 169 properties, and the amendment extends the revolving facility's maturity to June 30, 2027 while removing several financial covenants and resetting the interest rate to SOFR plus 2.25%. The filing shows new secured debt ranking alongside the credit facility, which may affect how much collateral is available to unsecured creditors and shareholders.

Key points

• $1.5 billion of 8.500% Senior Secured Notes due February 15, 2032 and €1.0 billion of 7.000% Senior Secured Notes due 2032 were issued under an indenture dated February 13, 2025.
• Notes are secured by first-priority liens on equity of subsidiaries that own or ground lease 169 properties with 20 operators in the United States, United Kingdom and Germany.
• Amendment No. 3 extends the revolving credit facility maturity to June 30, 2027, resets interest to SOFR plus 2.25% and sets a maximum secured leverage ratio of 40%.
• Before February 15, 2028, up to 40% of each note series may be redeemed at 108.500% (dollar notes) or 107.000% (euro notes) using equity offering proceeds.

The filing

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 18, 2025.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.