---
schema_version: "secwatch.filing_event.v1"
accession: "0000885978-26-000017"
form_type: "8-K"
ticker: "USPH"
cik: "0000885978"
company_name: "U S PHYSICAL THERAPY INC /NV"
filed_at: "2026-04-15T23:59:59+00:00"
generated_at: "2026-05-15T06:16:55.495105+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# USPH enters $450M credit facility with $275M revolver and $175M term loan, maturing 2031

## Summary
- New $450M credit facility comprises $275M revolver and $175M term loan, matures April 14, 2031.
- Proceeds used to refinance existing Third Amended Credit Agreement, fund working capital, acquisitions, and growth.
- Interest rates: SOFR + 1.25%-2.25% margin; commitment fee 0.225%-0.35%; initial Pricing Level 2.
- Agreement includes a $125M accordion feature subject to leverage ratio ≤ 2.50:1.0.

## SEC filing metadata
- accession: 0000885978-26-000017
- form_type: 8-K
- ticker: USPH
- cik: 0000885978
- company_name: U S PHYSICAL THERAPY INC /NV
- filed_at: 2026-04-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885978/000088597826000017/0000885978-26-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885978/000088597826000017/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000885978-26-000017
- JSON: https://secwatch.observer/filing/0000885978-26-000017.json
- Plain text: https://secwatch.observer/filing/0000885978-26-000017.txt

## Source-grounded claims
- claim_id: 87ded62f24f9007cd65dbdcfffdd6dd05c840b83
  claim: U S PHYSICAL THERAPY INC /NV incurred credit facility of $450 million with Bank of America, N.A., as administrative agent at Term SOFR plus an applicable margin maturing April 14, 2031.
  evidence_excerpt: as co-Documentation Agents and BankUnited, N.A. as participants. The Credit Agreement, which matures on April 14, 2031, provides for loans in an aggregate principal amount of $450 million. Such loans will be available through the following facilities (collectively, the “Senior Credit Facilities”): 1) Revolving Facility: $275 million, five-year, revolving credit
  evidence_url: https://www.sec.gov/Archives/edgar/data/885978/000088597826000017/0000885978-26-000017-index.htm
- claim_id: 1f56d24fcb32998c7381aaf45191adb34bc25c25
  claim: U S PHYSICAL THERAPY INC /NV entered into Fourth Amended and Restated Credit Agreement with Bank of America, N.A. valued at $450 million aggregate principal amount, including a $275 million revolving credit facility and a $1 (effective 2026-04-14).
  evidence_excerpt: On April 14, 2026, U. S. Physical Therapy, Inc. (the “Company”), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) among Bank of America, N.A., as administrative agent (“Administrative Agent”) and the lenders from time-to-time party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/885978/000088597826000017/0000885978-26-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.