Commentary & Deal Flow

+++Corrects government benchmark spreads: US$ +431bp, EUR+491bp (not US$ +491bp, EUR +431bp)+++

MPT Operating Partnership LP/MPT Finance Corp (Medical Properties Trust) (MPW) approx US$2.52bn equivalent (US$/EUR) 144A/Reg S sr sec notes due Feb 2032. B2/B- (stable/negative). Via GS/JPM/BofA/CA/RBC jt books, Barc, Key, MUFG, TSI, WFS, BNP, SMBC Nikko, Citizens, Mizuho, Scotia as co-managers. No reg rights. CoC at 101. Settles 02/13 (T+10).

- $1.5bn (down from $2bn) sr sec notes due 02/15/32 (7y). NC3 (02/15/28) (MWC T+50bp), then at 104.25, 102.125, 100. Equity claw: 3y 40% at 108.50. 144A CUSIP: 55342UAQ7. IPT: 9.25%-9.50%. Price talk: 8.75%-9.00%. Launched: US$1.5bn 8.50% at 98.710, yield 8.75%. Priced: 8.50% at 98.710, yield 8.75%. +431bp vs 1.875% 02/15/32.

- EUR1bn (up from EUR500m) sr sec notes due 02/15/32 (7y). NC3 (02/15/28) (MWC B+50bp), then at 103.50, 101.75, 100. Equity claw: 3y 40% at 107.00. List Dublin. NY law. IPT: 125bp tighter to the US$ tranche. Price talk: 7.25%-7.50%. Launched: EUR1bn 7.00% at 98.645, yield 7.25%. Priced: 7.00% at 98.645, yield 7.25%. +491bp vs DBR 0.00% 02/15/32.

Did investor call at 10:30am 01/29. Books closed at 11:15am NYT/4:15pm UKT. UOP: redeem its EUR500m 3.325% sr notes due 03/24/25 (callable at 100), GBP500m 2.50% sr notes due 03/24/26 (MWC G+35bp) and US$500m 5.25% sr notes due 08/01/26 (callable at 100), and GCP, including repaying other debt. Biz: a self-advised REIT formed to acquire and develop net-leased healthcare facilities. HQ: Birmingham, AL.