U.S. Physical Therapy Prices Underwritten Public Offering Of 1.67 Mln Shares At $90/shr

(RTTNews) - U.S. Physical Therapy Inc. (USPH) said that it has priced an underwritten public offering of 1.67 million shares of common stock at a price to the public of $90.00 per share of common stock.

The underwriters have an option for 30 days to purchase up to an additional 250,000 shares of common stock from the company. The offering is expected to close on May 30, 2023.

The gross proceeds from the offering to U.S. Physical Therapy are expected to be about $150 million, before deducting underwriting discounts and commissions and offering expenses.

The company plans to use the net proceeds of the offering 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.