U.S. Physical Therapy Announces Pricing of $150 Million Underwritten Public Offering of Common Stock
24 Maio 2023 - 10:59PM
Business Wire
U.S. Physical Therapy, Inc. (NYSE: USPH) (“U.S. Physical
Therapy” or the “Company”) today announced that it has priced an
underwritten public offering of 1,666,667 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, subject to customary
closing conditions.
The gross proceeds from the offering to U.S. Physical Therapy
are expected to be approximately $150 million, before deducting
underwriting discounts and commissions and offering expenses. U.S.
Physical Therapy intends to use the net proceeds of this 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.
BofA Securities and J.P. Morgan are acting as joint lead
bookrunners, Jefferies is acting as bookrunner, and Regions
Securities LLC, Barrington Research and CJS Securities are acting
as co-managers for the offering.
The offering is being made pursuant to an effective shelf
registration statement, which was filed with the Securities and
Exchange Commission (the “SEC”) and became automatically effective
on May 23, 2023. The offering will be made only by means of a
written prospectus and prospectus supplement that form a part of
the registration statement. A final prospectus supplement and the
accompanying prospectus will be filed with the SEC, copies of which
may be obtained on the SEC’s website at www.sec.gov or from
BofA Securities, Attn: Prospectus Department, NC1-022-02-25, 201
North Tryon, Charlotte, NC 28255-0001, or by email at
dg.prospectus_requests@bofa.com and J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by email at prospectus-eq_fi@jpmchase.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities being offered, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About U.S. Physical
Therapy
Founded in 1990, U.S. Physical Therapy operates 649 outpatient
physical therapy clinics in 40 states. The Company's clinics
provide preventative and post-operative care for a variety of
orthopedic-related disorders and sports-related injuries, treatment
for neurologically-related injuries and rehabilitation of injured
workers. In addition to owning and operating clinics, the Company
manages 34 physical therapy facilities for unaffiliated third
parties, including hospitals and physician groups. The Company also
has an industrial injury prevention business which provides onsite
services for clients’ employees including injury prevention and
rehabilitation, performance optimization, post-offer employment
testing, functional capacity evaluations, and ergonomic
assessments.
Forward-Looking
Statements
This press release contains statements that are considered to be
forward-looking within the meaning under Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
contain forward-looking information relating to the financial
condition, results of operations, plans, objectives, future
performance and business of our Company. These statements (often
using words such as “believes”, “expects”, “intends”, “plans”,
“appear”, “should” and similar words) involve risks and
uncertainties that could cause actual results to differ materially
from those we expect. Included among such statements may be those
relating to new clinics, availability of personnel and the
reimbursement environment. The forward-looking statements are based
on our current views and assumptions and actual results could
differ materially from those anticipated in such forward-looking
statements as a result of certain risks, uncertainties, and
factors. Many factors are beyond our control. Given these
uncertainties, you should not place undue reliance on our
forward-looking statements. For additional information regarding
these and other risks and uncertainties, that could cause actual
results to differ materially from those contained in our
forward-looking statements, please refer to “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022,
filed with the SEC on February 28, 2023 and any risk factors
contained in subsequent quarterly and annual reports we file with
the SEC. Our forward-looking statements represent our estimates and
assumptions only as of the date of this report. Except as required
by law, we are under no obligation to update any forward-looking
statement as a result of new information, future events, or
otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230524005978/en/
U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial
Officer Email: chendrickson@usph.com
Chris Reading, Chief Executive Officer (713) 297-7000 Three Part
Advisors Joe Noyons (817) 778-8424
US Physical Therapy (NYSE:USPH)
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