Porter Hedges Represents U.S. Physical Therapy in $172.5 Million Public Offering of Common Stock 

Porter Hedges represented U.S. Physical Therapy, Inc. (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, in a public offering of common stock. The gross proceeds from the offering to U.S. Physical Therapy were approximately $172.5 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 acted as joint lead bookrunners, Jefferies acted as bookrunner, and Regions Securities LLC, Barrington Research, and CJS Securities acted as co-managers for the offering.

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.