U. S. Physical Therapy lifts revolver to $125 million, extends to 2018

By Susanna Moon

Chicago, Dec. 6 - U.S. Physical Therapy, Inc. said it increased the commitments under its revolving credit agreement to $125 million through Bank of America from $75 million.

The maturity was extended to Nov. 30, 2018 from Aug. 31, 2015.

Proceeds will be used for working capital, acquisitions and other corporate purposes.

There is $10.5 million outstanding under the revolver, according to a company press release.

"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," Larry McAfee, the company's chief financial officer, said in the press release.

"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."

The company is a Houston-based operator of outpatient physical therapy clinics.

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