U.S. Physical Therapy, Inc. Secures \$450 Million Credit Facility to Power Growth and Shareholder Returns

Key Highlights for Investors

• Significant Credit Facility Expansion: USPH has closed a new \$450 million, five-year credit facility, comprised of a \$175 million term loan and a \$275 million revolving credit facility. This replaces and expands upon the previous \$325 million credit facility, which was set to mature in June 2027.
• Extended Maturity: The new facility matures on April 14, 2031, providing enhanced financial flexibility and a longer window for strategic initiatives.
• Upsized from Initial Proposal: The facility was increased from the originally planned \$400 million due to strong lender demand, reflecting confidence from the banking syndicate in USPH’s credit profile.
• Improved Terms: Management highlights improved pricing and extended maturity, which are expected to reduce financing costs and support future growth.
• Strategic Use of Funds: The increased borrowing capacity, combined with operational cash flow, is intended to support the continued expansion of USPH’s portfolio of outpatient physical therapy and industrial injury prevention businesses. Importantly, management also signals plans to “return capital to shareholders,” which could mean share buybacks or increased dividends.
• Strong Banking Syndicate: The facility syndicate includes major financial institutions such as Bank of America Securities (Joint Lead Arranger and Sole Bookrunner), Bank of America, N.A. (Administrative Agent), Regions Capital Markets (Joint Lead Arranger and Syndication Agent), and additional participants including US Bank, JP Morgan, Citizens Bank, and Bank United.
• Regulatory Filing: Further details will be provided in a Current Report on Form 8-K, to be filed with the SEC no later than April 20, 2026, ensuring transparency for shareholders.

What Shareholders Need to Know

This development is highly relevant for shareholders and may be price sensitive for several reasons:

• Financial Strength: The expanded and extended credit facility demonstrates lender confidence and strengthens USPH’s balance sheet, improving its ability to pursue growth initiatives and weather economic uncertainty.
• Growth and Capital Returns: Management’s commitment to both expanding operations and returning capital to shareholders could be viewed positively by the market, as it implies both ongoing growth and potential for direct shareholder benefits.
• Potential for Share Price Impact: The ability to finance acquisitions, organic growth, and possible shareholder distributions with favorable terms could drive investor optimism and influence the share price.

Company Overview

Founded in 1990, U.S. Physical Therapy, Inc. (NYSE: USPH) is a leading national operator of outpatient physical therapy clinics, with 783 clinics across 44 states. The company offers preventative and post-operative care for orthopedic and sports-related injuries, neurologically related injuries, and rehabilitation for injured workers. Its industrial injury prevention business provides onsite services such as injury prevention, rehabilitation, performance optimization, employment testing, functional capacity evaluations, and ergonomic assessments.

For more information, investors can visit www.usph.com. (Note: Information on the company’s website is not incorporated into this release.)

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should consult the official SEC filings and their financial advisors before making investment decisions. The information provided is based on a company press release and may be subject to change.

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