U.S. Physical Therapy enters $170.6 million forward-starting interest rate swap with Bank of America
USPH•U.S. Physical Therapy entered a 45-month, $170.6 million interest rate swap with Bank of America on Sept. 22, 2026. The swap fixes the variable interest component on term debt at 4.578% starting June 30, 2027.
1. Swap terms
The swap has an initial notional amount of $170.6 million, reflecting projected term-loan amortization under the company’s Fourth Amended and Restated Credit Agreement. U.S. Physical Therapy will pay a fixed 4.578% rate and receive payments based on one-month SOFR on the same notional amount.
2. Schedule and agreement
The swap amortizes with the term-loan schedule and terminates April 14, 2031. It is governed by the parties’ ISDA Master Agreement; the company’s existing swap expires June 30, 2027.
