U.S. Physical Therapy secures $450 million credit facility

U.S. Physical Therapy Inc. (NYSE: USPH) closed a $450 million, five-year credit facility that includes a $175 million term loan and a $275 million revolver with a maturity date of April 14, 2031, according to a company statement.

The credit facility was increased from its initial $400 million launch amount based on lender support. The new facility represents an increase and extension of the company's previous $325 million credit facility, which was scheduled to expire on June 17, 2027.

"The credit facility's increased borrowing capacity, improved pricing, and extended maturity reflects our strong credit profile and the confidence that our banking partners have in USPH," said Chris Reading, Chairman and CEO. "Along with cash flow from operations, this upsized facility will allow us to continue to grow our portfolio of physical therapy and industrial injury prevention businesses, while at the same time returning capital to our shareholders."

Bank of America Securities Inc. served as Joint Lead Arranger and Sole Bookrunner with Bank of America, N.A. as Administrative Agent. Regions Capital Markets, a division of Regions Bank, acted as Joint Lead Arranger and Syndication Agent. Other participants include US Bank, JP Morgan and Citizens Bank as co-Documentation Agents and Bank United as a participant.

The company stated it will file additional details about the terms and conditions of the credit facility in a Current Report on Form 8-K with the Securities and Exchange Commission by April 20, 2026.

Founded in 1990, U.S. Physical Therapy operates 783 outpatient physical therapy clinics in 44 states and provides industrial injury prevention services.

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