U.S. Physical Therapy commenced an underwritten public offering of $150 million in shares. The underwriters have an option to purchase up to an additional $22.5 million in stock.
U.S. Physical Therapy said it intends to use the net proceeds for repayment of a portion of its indebtedness outstanding under its revolving credit facility, and for general corporate purposes, including future acquisitions and other capital expenditures, as well as funding working capital and paying dividends.
BofA Securities and J.P. Morgan are joint lead bookrunners for the offering, and Jefferies is acting as bookrunner. Read more.
