U.S. Physical Therapy Closes $450 Mln Credit Facility
(RTTNews) - U.S. Physical Therapy, Inc. (USPH), a chain of outpatient physical therapy clinics, Wednesday announced that it is closing 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 lender support the credit facility was upsized from its initial $400 million launch amount, which is an an increase and extension of the firm's $325 million credit facility which was due to expire on June 17, 2027.
The credit facility syndicate consists of Bank of America Securities Inc. as Joint Lead Arranger and Sole Bookrunner with Bank of America, N.A. 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, the company said in a statement.
On Tuesday, UPSH shares closed at $77.13, down 1.54% on the New York Stock Exchange.
