US Physical Therapy (USPH) Prices 1.67M Share Offering at $90/sh

U.S. Physical Therapy, Inc. (NYSE: USPH) today announced that it has priced an underwritten public offering of 1,666,667 shares of common stock at a price to the public of $90.00 per share of common stock. The underwriters have an option for 30 days to purchase up to an additional 250,000 shares of common stock from the Company. The offering is expected to close on May 30, 2023, subject to customary closing conditions.

The gross proceeds from the offering to U.S. Physical Therapy are expected to be approximately $150 million, before deducting underwriting discounts and commissions and offering expenses. U.S. Physical Therapy intends to use the net proceeds of this offering for repayment of a portion of its indebtedness outstanding under its revolving credit facility, and for general corporate purposes, including future acquisitions and other capital expenditures, as well as funding working capital and paying dividends.

BofA Securities and J.P. Morgan are acting as joint lead bookrunners, Jefferies is acting as bookrunner, and Regions Securities LLC, Barrington Research and CJS Securities are acting as co-managers for the offering.

The offering is being made pursuant to an effective shelf registration statement, which was filed with the Securities and Exchange Commission (the “SEC”) and became automatically effective on May 23, 2023. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and the accompanying prospectus will be filed with the SEC, copies of which may be obtained on the SEC’s website at www.sec.gov or from BofA Securities, Attn: Prospectus Department, NC1-022-02-25, 201 North Tryon, Charlotte, NC 28255-0001, or by email at [email protected] and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected].

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities being offered, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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