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AI brief of an SEC Form 8-K · U.S. Physical Therapy (USPH)

U.S. Physical Therapy signs $450 million credit agreement maturing April 14, 2031

Neutral Impact 3 of 5 financing Written later

U.S. Physical Therapy entered a Fourth Amended and Restated Credit Agreement dated April 14, 2026, with Bank of America as administrative agent, providing $450 million in loans. The term loan proceeds will refinance debt under the company's prior Third Amended and Restated Credit Agreement, and the new agreement is secured by substantially all of the company's personal property and guaranteed by its domestic subsidiaries.

Key points

  • Facilities total $450 million: a $275 million five-year revolving facility and a $175 million term loan
  • Agreement matures April 14, 2031; the term loan proceeds will refinance the Third Amended and Restated Credit Agreement
  • Term SOFR borrowings carry a margin of 1.25% to 2.25%, based on the consolidated leverage ratio
  • Company may increase the revolver or add term loans by $125 million plus an unlimited amount, subject to a pro forma leverage ratio not above 2.5:1.0

The filing

CompanyU.S. Physical Therapy (USPH)
Form8-K, current report
Filed with the SECApr 15, 2026, 4:19 PM ET
Accession number0000885978-26-000017

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 15, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.