Double dose of sterling for UK hospital buy, despite Labour risk

hospital
By Owen Sanderson
21 Nov 2019

Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.

On offer in the new deal, through Goldman Sachs, Barclays, and Bank of America Securities, are four year and long eight year unsecured bonds, rated Ba1/BBB-.

Medical Properties Trust is a real estate investment trust focused on the medical sector, and the bonds feature property-style covenants, ...

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