BofA Increases U. S. Physical Therapy Facility to $125MM
U.S. Physical Therapy announced that Bank of America increased its available capacity and extended the maturity date of its bank credit facility. The revolver was increased from $75 million to $125 million, and the maturity date was extended from August 31, 2015 to November 30, 2018.
Funds from the credit agreement may be used for working capital, acquisitions and other corporate purposes. At present there is $10.5 million outstanding under the line.
Larry McAfee, CFO, said, “As discussed on our recent third quarter investor conference call, management anticipates that the rate of consolidation within the outpatient physical therapy sector will accelerate. The increased capacity and extended maturity of the credit facility provides U.S. Physical Therapy with significant committed capital to continue to grow the company’s business both internally and through strategic acquisitions.”