U S PHYSICAL THERAPY INC /NV 8-K

What Happened

• U.S. Physical Therapy, Inc. (USPH) announced on April 14, 2026 that it entered into a Fourth Amended and Restated Credit Agreement providing $450 million of senior secured credit maturing April 14, 2031. Bank of America, N.A. is Administrative Agent; BofA Securities, Inc. and Regions Capital Markets are joint lead arrangers.
• The facility refinances the Company’s prior credit agreement and provides liquidity for working capital, general corporate purposes, future acquisitions and growth investments.

Key Details

• Total facilities: $450 million comprised of a $275 million five‑year Revolving Facility (includes $25M letter-of-credit sublimit and $25M swingline sublimit) and a $175 million Term Facility.
• Term loan amortization: quarterly installments of 0.625% for years 1–2, 1.25% for years 3–4, and 1.875% for year 5; remaining principal due at maturity (4/14/2031).
• Pricing: Term SOFR + margin (1.25%–2.25%) or alternate base rate + margin (0.25%–1.25%), with unused commitment fees of 0.225%–0.35% (all ranges based on the Company’s consolidated leverage ratio).
• Security and guarantees: secured by a first‑priority lien on substantially all personal property and guaranteed by the Company’s material wholly‑owned domestic subsidiaries; includes customary covenants and financial maintenance tests (consolidated leverage and fixed charge coverage ratios).
• Optional expansion: Company may increase the Revolving Facility and/or add term tranches up to $125M (plus additional amounts subject to pro forma leverage <= 2.5:1).

Why It Matters

• This credit agreement provides USPH with committed liquidity and longer-term financing flexibility through 2031, supporting operations, acquisitions and growth initiatives and replacing its prior credit facility.
• The financing is secured and includes typical covenants and leverage-based pricing that investors should watch, as those covenants can affect the Company’s ability to take on additional debt, pay dividends or pursue certain transactions.