U.S. Physical Therapy, a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, 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. Based on strong lender support, the credit facility was upsized from its initial $400 million launch amount. This is an increase and extension of the company’s $325 million credit facility, which was due to expire on June 17, 2027.
The credit facility syndicate consists of Bank of America Securities as joint lead arranger and sole bookrunner with Bank of America as administrative agent, and Regions Capital Markets, a division of Regions Bank, as joint lead arranger and syndication agent. Other lenders include US Bank, JP Morgan and Citizens Bank as co-Documentation Agents and Bank United as participant.
Chris Reading, chairman and CEO, stated, “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.”
