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U.S. Physical Therapy Announces $450 Million Credit Facility

  • U.S. Physical Therapy, Inc. closed a $450 million, five-year credit facility including a $175 million term loan & a $275 million revolver.
  • The new facility matures on April 14, 2031, & was upsized from an initial $400 million launch amount due to strong lender support.
  • This agreement replaces the company's previous $325 million facility which was set to expire on June 17, 2027.
  • CEO Chris Reading stated the increased capacity, improved pricing, & extended maturity reflect USPH's strong credit profile & will support business growth & capital returns to shareholders.
  • Bank of America Securities Inc. served as Joint Lead Arranger & Sole Bookrunner, with Bank of America, N.A. as Administrative Agent & Regions Capital Markets as Joint Lead Arranger & Syndication Agent.
  • Other participating lenders include US Bank, JP Morgan, Citizens Bank, & Bank United.
  • Full terms & conditions will be detailed in a Form 8-K filing with the Securities & Exchange Commission no later than April 20, 2026.
  • As of April 15, 2026, the company owns or manages 783 outpatient physical therapy clinics across 44 states.