Target Hospitality expands credit facility by $50M to $175M; no outstanding balance

Target Hospitality Corp.

Expanded ABL credit facility by $50M to $175M total capacity; zero drawn balance as of Oct 12, 2023.
Net debt reduced ~80% since 2020; pro-forma total available liquidity expected >$300M by year-end 2023.
Proceeds for general corporate purposes; CFO says facility increases financial flexibility and complements high cash generation.
Facility upsizes complement recently announced note exchange, further optimizing capital structure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Target Hospitality Corp. amended Amendment with Bank of America, N.A., as administrative agent valued at from $125 million to $175 million (effective 2023-10-12).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent
Value: from $125 million to $175 million
Effective: 2023-10-12

Exact text from the filing

On October 12, 2023, Arrow Bidco, LLC (“Arrow Bidco”) and certain other subsidiaries of Target Hospitality Corp. entered into a third amendment (the “Amendment”) to the ABL Credit Agreement

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Target Hospitality Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-109122

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