U.S. Physical Therapy, a national operator of outpatient physical therapy clinics and industrial injury prevention services, announced it has closed a $450 million, five-year credit facility to support continued growth and strategic initiatives.
The facility includes a $175 million term loan and a $275 million revolving credit facility, with a maturity date of April 14, 2031. The financing was upsized from its initial $400 million launch due to strong lender demand and replaces the company’s previous $325 million credit facility, which was set to mature in 2027.
The expanded credit facility provides increased borrowing capacity, improved pricing, and extended maturity, enhancing the company’s financial flexibility. U.S. Physical Therapy plans to use the capital, alongside operating cash flow, to expand its portfolio of clinics and industrial injury prevention services while continuing to return capital to shareholders.
The financing was arranged by a syndicate led by Bank of America Securities as joint lead arranger and sole bookrunner, with Bank of America serving as administrative agent. Regions Capital Markets acted as joint lead arranger and syndication agent, with additional participation from U.S. Bank, JPMorgan, Citizens Bank, and BankUnited.
U.S. Physical Therapy operates 783 outpatient clinics across 44 states and provides a broad range of services, including orthopedic and sports injury treatment, neurological rehabilitation, and workplace injury prevention solutions.
KEY QUOTE:
“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. 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.”
Chris Reading, Chairman And CEO, U.S. Physical Therapy
