U.S. Physical Therapy entered into a 45-month forward-starting interest rate swap with Bank of America, effective June 30, 2027, to hedge variable interest rates on its term debt. The agreement carries an initial notional amount of $170.6 million and amortizes in line with the company's existing Credit Agreement until termination on April 14, 2031. Under the swap terms, the company will pay a fixed rate of 4.578% per annum in exchange for receiving payments based on one-month SOFR. This transaction manages interest rate risk associated with the Fourth Amended and Restated Credit Agreement dated April 14, 2026. U.S. Physical Therapy operates as a provider of outpatient physical therapy services.
