U.S. Physical Therapy, Inc. has entered into a new financial agreement to manage interest rate exposure on its debt. On September 22, 2026, the company executed a 45-month forward-starting interest rate swap agreement with Bank of America, National Association.
The agreement has an initial notional amount of $170.6 million. The company will pay a fixed rate of 4.578% per annum on a monthly basis in exchange for receiving variable payments based on the one-month SOFR interest rate.
The swap is intended to fix the variable component of the interest rate on the term debt under the company’s Fourth Amended and Restated Credit Agreement. The effective date for the new fixed rate is June 30, 2027, which coincides with the expiration of the company’s existing interest rate swap agreement.
The notional amount of $170.6 million reflects the term loan amortization under the Credit Agreement as of the effective date of the swap. The agreement amortizes in line with the term loan payment schedule of the Credit Agreement and terminates on April 14, 2031.
The swap is a supplement to, and is subject to, the ISDA Master Agreement dated as of April 26, 2022, between the company and Bank of America. Bank of America serves as both the counterparty to the swap and the Administrative Agent and lender under the Credit Agreement.
The filing includes exhibits for the ISDA 2002 Master Agreement and the Rate Swap Transaction Confirmation dated September 22, 2026.
