U.S. Physical Therapy Announces Closing of New Credit Facility
21 Juni 2022 - 1:00PM
Business Wire
Borrowing capacity increases by $175
million
Base interest rate fixed on $150
million
U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE:
USPH), a national operator of outpatient physical therapy clinics
and provider of industrial injury prevention services, today
announced the closing of a $325 million, five-year credit facility
that includes a $150 million term loan and a $175 million revolver.
Based on strong lender support, the credit facility was upsized
from its $300 million launch amount. This is an increase and
extension of the Company’s previous $150 million credit facility.
The Company concurrently announced that it entered into an interest
rate swap agreement in May, with a June 30 effective date, to lock
the 1-month term SOFR rate on $150 million of its debt at a 5-year
swap rate of 2.815%. The total interest rate in any particular
period will also include an applicable margin based on the
Company’s consolidated leverage ratio.
Carey P. Hendrickson, Chief Financial Officer, stated, “The
successful closing of this transaction demonstrates our continued
proactive approach to managing our balance sheet to support the
Company’s growth, drive shareholder returns and enhance liquidity.
It improves our long-term capital structure and, together with our
strong cash flow, expands our ability to continue growing our
portfolio of physical therapy and industrial injury prevention
services businesses. Also, the related swap agreement effectively
manages our interest rate risk over the term of the facility, which
is particularly important in the current rising interest rate
environment.”
The credit facility was arranged by BofA Securities, Inc., and
Regions Capital Markets, a division of Regions Bank, as Joint Lead
Arrangers. BofA Securities, Inc. was the sole Bookrunner, and Bank
of America, N.A. is the Administrative Agent.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 608
outpatient physical therapy clinics in 38 states. The Company's
clinics provide preventative and post-operative care for a variety
of orthopedic-related disorders and sports-related injuries,
treatment for neurologically-related injuries and rehabilitation of
injured workers. In addition to owning and operating clinics, the
Company manages 38 physical therapy facilities for unaffiliated
third parties, including hospitals and physician groups. The
Company also has an industrial injury prevention business which
provides onsite services for clients’ employees including injury
prevention and rehabilitation, performance optimization, post-offer
employment testing, functional capacity evaluations, and ergonomic
assessments.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information
included on that website is not incorporated into this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220620005052/en/
U.S. Physical Therapy, Inc. Carey P. Hendrickson, Chief
Financial Officer email: chendrickson@usph.com Chris Reading, Chief
Executive Officer (713) 297-7000 Three Part Advisors Joe Noyons
(817) 778-8424
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