UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 4, 2008 (June 4, 2008)
U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
Nevada 1-11151 76-0364866
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
1300 West Sam Houston Parkway South, Suite 300, Houston, Texas 77042
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 297-7000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17
CFR 240.14a-12(b))
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
Effective June 4, 2008, U. S. Physical Therapy, Inc. (the "Company")
increased the commitment amount of its revolving credit agreement (the "Credit
Agreement") with Bank of America from $30,000,000 to $50,000,000. The Credit
Agreement, which was originally entered into in August, 2007, is for a four year
term, is unsecured and includes standard financial covenants. Proceeds from the
Credit Agreement may be used to finance acquisitions, working capital, capital
expenditures and for other corporate purposes. Interest expense on borrowings is
based on a pricing grid tied to the Company's overall financial leverage with
the applicable spread over LIBOR ranging from .5% to 1.5%. There are fees under
the Credit Agreement including an initial closing fee and an unused commitment
fee ranging from .1% to .35% depending on financial leverage and the amount of
funds outstanding under the agreement. As of May 30, 2008 the outstanding
balance advanced under the loan facility was $5,300,000.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
See Item 1.01 above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
U.S. PHYSICAL THERAPY, INC.
Dated: June 4, 2008 By: /s/ LAWRANCE W. MCAFEE
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Lawrance W. McAfee
Chief Financial Officer
(duly authorized officer and principal financial
and accounting officer)