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Get filing alertsU.S. Physical Therapy enters $170.6M interest rate swap with Bank of America to fix term debt rates
Filed September 28, 2026 · Period ending September 22, 2026 · ~1 min read
Key Changes
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Entered a 45-month forward-starting interest rate swap with Bank of America, effective June 30, 2027, with an initial notional amount of $170.6 million.
Item 1.01 verify on EDGAR → -
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Under the swap, the company pays a fixed rate of 4.578% per annum and receives one-month SOFR, providing interest rate certainty on term debt.
Item 1.01 verify on EDGAR → -
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The swap amortizes in line with the term loan payment schedule and terminates on April 14, 2031.
Item 1.01 verify on EDGAR → -
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The arrangement is also reported as a direct financial obligation under Item 2.03, which incorporates the Item 1.01 disclosure by reference.
Item 2.03 verify on EDGAR →
Summary
U.S. Physical Therapy entered into a forward-starting interest rate swap with Bank of America to manage interest rate risk on its term debt. The swap, effective June 30, 2027, has an initial notional amount of $170.6 million and fixes the company's interest rate at 4.578% per annum while receiving one-month SOFR.
This provides certainty on interest costs from mid-2027 through April 2031, aligning with the term loan's amortization schedule. The filing is a routine disclosure of a hedging arrangement. No red flags are identified. The swap reduces exposure to rising interest rates, which is a common risk management practice for companies with variable-rate debt.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 1.01 is incorporated by reference into this Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Under the Swap, the Company is required to make monthly payments at a fixed rate of 4.578% per annum in exchange for receiving variable payments based on the one-month SOFR interest rate for the same notional amount.
The swap fixes the Company's interest rate at 4.578% per annum on the notional amount, while receiving one-month SOFR. This provides interest rate certainty on the term debt from June 30, 2027 through April 14, 2031.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 29, 2026 · How we verify