USPH · U.S. Physical Therapy, Inc.

This $450 million credit facility represents a strategic refinancing and expansion that materially strengthens U.S. Physical Therapy’s capital structure. The transaction extends maturity by over three years — from June 2027 to April 2031 — while increasing total capacity by $125 million versus the prior facility and $50 million beyond the initial $400 million launch target. The inclusion of both a $175 million term loan and a $275 million revolver provides balanced liquidity: the term loan delivers committed long-term capital for balance sheet optimization and strategic initiatives, while the revolver offers flexible, on-demand funding for operational needs and opportunistic M&A. Critically, the facility retains meaningful headroom for future growth — with $125 million of unconditional incremental capacity and unlimited additional capacity contingent only on maintaining a pro forma Consolidated Leverage Ratio of 2.5:1.0 or better — signaling strong lender confidence in the Company’s cash flow generation and disciplined acquisition strategy. Pricing improvements, reflected in tiered interest margins and commitment fees tied directly to leverage performance, incentivize deleveraging and reward financial discipline. The security package — covering substantially all personal property of the Company and its material domestic subsidiaries — aligns with market standards for similarly rated healthcare services borrowers and does not introduce new unsecured risk. Management explicitly links the facility to continued portfolio growth in physical therapy and industrial injury prevention, as well as shareholder capital return, confirming its role as an enabler of the Company’s dual-track strategy.