U.S. Physical Therapy, Inc. (USPH) closed a $450 million, five‑year credit facility on April 15 2026. The facility consists of a $175 million term loan and a $275 million revolver, maturing on April 14 2031. It replaces a $325 million facility that was set to expire on June 17 2027 and was upsized from an initial $400 million launch amount after lenders expressed strong support.
The new borrowing capacity gives USPH the liquidity to accelerate the expansion of its outpatient physical therapy network and its industrial injury prevention (IIP) services without diluting equity. The facility also underpins capital expenditures and potential acquisitions, reinforcing the company’s strategy to grow its high‑margin IIP segment while maintaining a robust balance sheet.
USPH’s recent financial performance supports the outlook. In Q4 2025 the company met earnings expectations and exceeded revenue forecasts, reporting a 16.3 % year‑over‑year increase in net revenue and a 16.2 % rise in adjusted EBITDA. The credit facility therefore builds on a foundation of solid growth and profitability.
USPH operates 783 outpatient physical therapy clinics across 44 states and provides IIP services to employers and insurers. The facility is intended to fund new clinic openings, strengthen the existing network, and support the expansion of IIP services, which together drive the company’s revenue mix and margin profile.
Chris Reading, Chairman and CEO, said, 'The credit facility's increased borrowing capacity, improved pricing, and extended maturity reflects our strong credit profile and the confidence that our banking partners have in USPH.' He added that the facility will support the company’s growth in its physical therapy and industrial injury prevention businesses while returning capital to shareholders.
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