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BofA Increases U. S. Physical Therapy Revolver to $125MM

December 09, 2013, 07:30 AM
Filed Under: Healthcare

U.S. Physical Therapy, Inc., a national operator of outpatient physical therapy clinics, reported today that the company has increased the available capacity and extended the maturity date of its bank credit facility.

The commitment amount of the revolving credit agreement has been increased by $50 million from $75 million to $125 million. The maturity date has been extended from August 31, 2015 to November 30, 2018. The loan facility is provided by Bank of America. Funds from the credit agreement may be used for working capital, acquisitions and other corporate purposes. At present there is $10.5 million outstanding under the line.

Larry McAfee, Chief Financial Officer, said, “As discussed on our recent third quarter investor conference call, management anticipates that the rate of consolidation within the outpatient physical therapy sector will accelerate. The increased capacity and extended maturity of the credit facility provides U.S. Physical Therapy with significant committed capital to continue to grow the Company’s business both internally and through strategic acquisitions.”

Founded in 1990, U.S. Physical Therapy, Inc. operates 449 outpatient physical and occupational therapy clinics in 43 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 19 physical therapy facilities for third parties, including hospitals and physician groups.

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