U.S. Physical Therapy Closes $450M Credit Facility
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 15 2026
0mins
U.S. Physical Therapy announced the closing of a $450M, five-year credit facility that includes a $175M term loan and a $275M revolver with a maturity date of April 14, 2031. Based on strong lender support, the credit facility was upsized from its initial $400M launch amount. This is an increase and extension of the Company's $325M credit facility which was due to expire on June 17, 2027. The credit facility syndicate consists of Bank of America Securities Inc. as Joint Lead Arranger and Sole Bookrunner with Bank of America, N.A. as Administrative Agent, and Regions Capital Markets, a division of Regions Bank, as Joint Lead Arranger and Syndication Agent. Other lenders include US Bank, JP Morgan and Citizens Bank as co-Documentation Agents and Bank United as participant.
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Analyst Views on USPH
Wall Street analysts forecast USPH stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 63.890
Low
100.00
Averages
101.50
High
103.00
Current: 63.890
Low
100.00
Averages
101.50
High
103.00
About USPH
U.S. Physical Therapy, Inc. is an operator of outpatient physical therapy clinics and provider of industrial injury prevention services. It owns and/or manages 780 outpatient physical therapy clinics in 44 states. Its reportable segments include the Physical Therapy Operations segment and the Industrial Injury Prevention Services (IIP) segment. The Physical Therapy Operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. The IIP segment includes onsite services for clients’ employees, including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of these services are contracted with and paid for directly by employers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Key Initiatives Overview: Reading outlined the company's key initiatives in physical therapy and industrial injury prevention, indicating a commitment to enhancing customer experience through innovative services, thereby driving business growth and increasing market share.
- Business Scale and Coverage: Founded in 1990, U.S. Physical Therapy currently owns and/or manages 784 outpatient physical therapy clinics across 44 states, providing preventative and post-operative care for various orthopedic-related disorders and sports injuries, showcasing its extensive influence in the industry.
- Comprehensive Service Capabilities: The company also offers onsite services including injury prevention, rehabilitation, and performance optimization, aimed at enhancing employee efficiency and health, further solidifying its market position.
See More
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- Price Volatility Impact: USPH's stock price fell to a low of $58.55 on Thursday, contrasting sharply with its recent price of $73.65, which translates to an annualized dividend yield of 2.50%, suggesting a higher yield potential for dividend investors at current levels.
- Dividend History Consideration: While dividends are not always predictable, investors should examine USPH's dividend history to assess the likelihood of the recent dividend being sustained, providing a basis for future investment decisions.
- Market Sentiment Shift: Given the current oversold condition, investors may reassess USPH's investment value, especially as market sentiment shifts towards bullishness, potentially leading to increased capital inflow into the stock.
See More
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See More
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- Lackluster Revenue Growth: The company generated $198.3 million in revenue for Q1, a 7.9% year-over-year increase, yet fell short of expectations by $2.64 million, reflecting unmet market demand.
- Decline in Operating Results: Q1 non-GAAP operating results were $7.0 million, down from $7.3 million in the same period last year, with operating results per share at $0.46, highlighting pressures on cost control and efficiency improvements.
- Slight Increase in Adjusted EBITDA: The adjusted EBITDA for Q1 was $20.2 million, a $0.7 million increase from $19.5 million in Q1 2025, but overall financial performance remains weak, potentially impacting future investor confidence.
See More
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- Extensive Experience: Hendrickson brings nearly four decades of financial leadership, having served as CFO at U.S. Physical Therapy, where he managed the financial operations of 779 outpatient clinics, demonstrating his exceptional capabilities in complex healthcare environments.
- Leadership Transition: Hendrickson succeeds PACS co-founder Mark Hancock, who will retire on June 30, 2026, while remaining as Vice Chairman of the Board, ensuring stability during this transition period for the company.
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See More
