U. S. Physical Therapy Increases Credit Line From $75,000,000 to $125,000,000
07 December 2013 - 12:00AM
Business Wire
U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of
outpatient physical therapy clinics, reported today that the
Company has increased the available capacity and extended the
maturity date of its bank credit facility.
The commitment amount of the revolving credit agreement has been
increased by $50,000,000 from $75,000,000 to $125,000,000. The
maturity date has been extended from August 31, 2015 to November
30, 2018. The loan facility is provided by Bank of America. Funds
from the credit agreement may be used for working capital,
acquisitions and other corporate purposes. At present there is
$10,500,000 outstanding under the line.
Larry McAfee, Chief Financial Officer, said, “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. 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.”
Forward-Looking
Statements
This press release contains statements that are considered to be
forward-looking within the meaning under Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
contain forward-looking information relating to the financial
condition, results of operations, plans, objectives, future
performance and business of our Company. These statements (often
using words such as “believes”, “expects”, “intends”, “plans”,
“appear”, “should” and similar words) involve risks and
uncertainties that could cause actual results to differ materially
from those we project. Included among such statements are those
relating to new clinics, availability of personnel and the
reimbursement environment. The forward-looking statements are based
on our current views and assumptions and actual results could
differ materially from those anticipated in such forward-looking
statements as a result of certain risks, uncertainties, and
factors, which include, but are not limited to:
- changes in Medicare guidelines and
reimbursement or failure of our clinics to maintain their Medicare
certification status;
- business and regulatory conditions
including federal and state regulations;
- changes in reimbursement rates or
payment methods from third party payors including government
agencies and deductibles and co-pays owed by patients;
- revenue and earnings expectations;
- general economic conditions;
- changes as the result of government
enacted national healthcare reform;
- availability and cost of qualified
physical and occupational therapists;
- personnel productivity;
- competitive, economic or reimbursement
conditions in our markets which may require us to reorganize or
close certain operations and thereby incur losses and/or closure
costs including the possible write-down or write-off of goodwill
and other intangible assets;
- maintaining adequate internal
controls;
- availability, terms, and use of
capital;
- acquisitions, purchase of non
controlling interests (minority interests) and the successful
integration of the operations of the acquired businesses; and
- weather and other seasonal
factors.
Many factors are beyond our control. Given these uncertainties,
you should not place undue reliance on our forward-looking
statements. Please see our periodic reports filed with the
Securities and Exchange Commission for more information on these
factors. Our forward-looking statements represent our estimates and
assumptions only as of the date of this press release. Except as
required by law, we are under no obligation to update any
forward-looking statement, regardless of the reason the statement
is no longer accurate.
About U.S. Physical Therapy,
Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 449
outpatient physical and occupational therapy clinics in 43 states.
The Company's clinics provide preventative and post-operative care
for a variety of orthopedic-related disorders and sports-related
injuries, treatment for neurologically-related injuries and
rehabilitation of injured workers. In addition to owning and
operating clinics, the Company manages 19 physical therapy
facilities for third parties, including hospitals and physician
groups.
More information about U.S. Physical Therapy, Inc. is available
at www.usph.com. The information included on that website is not
incorporated into this press release.
U.S. Physical Therapy, Inc.Larry McAfee, (713) 297-7000Chief
Financial OfficerorChris Reading, (713) 297-7000Chief Executive
OfficerorThe Ruth GroupStephanie Carrington, (646) 536-7017
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