{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-114293","form_type":"8-K","ticker":"TH","cik":"0001712189","company_name":"Target Hospitality Corp.","filed_at":"2023-11-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:30.145230+00:00","generated_at":"2026-06-08T22:33:46.081766+00:00","sec_items":["1.01","2.03","5.03","8.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Arrow Bidco settles exchange of $181.4M 9.50% notes due 2024 for 10.75% notes due 2025","bullets":["$181.4M Existing Notes exchanged for new 10.75% Senior Secured Notes due June 15, 2025 plus $2.7M cash; $28.1M remain outstanding.","New Notes mature June 2025 (accelerate to March 2024 if Existing Notes then outstanding); interest at 10.75% s.a. beginning March 15, 2024.","Target Hospitality expects net-debt free balance sheet and total available liquidity exceeding $315M by year-end 2023.","Bylaws amended: revised advance notice procedures for director nominations and stockholder proposals; gender-neutral terms adopted."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-114293","json":"https://secwatch.observer/filing/0001104659-23-114293.json","markdown":"https://secwatch.observer/filing/0001104659-23-114293.md","text":"https://secwatch.observer/filing/0001104659-23-114293.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/tm2329516d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-08T22:33:46.081766+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"c70adfd80a49a3ee3dc5d897844862f2f41d636e","claim":"Target Hospitality Corp. incurred senior notes of approximately $181.4 million aggregate principal amount with Deutsche Bank Trust Company Americas at 10.75% per annum maturing June 15, 2025.","evidence_excerpt":"On November 1, 2023 (the “ Issue Date ”), Arrow Bidco, LLC (the “ Issuer ”), a wholly-owned indirect subsidiary of Target Hospitality Corp. (the “ Company ”), the guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ New Notes Trustee ”), entered into an indenture (the “ New Notes Indenture ”) governing the Issuer’s 10.75% Senior Secured Notes due 2025 (the “ New Notes ”). As previously announced, on the Issue Date, approximately $181.4 million aggregate principal amount of the New Notes were issued as consideration for the exchange of the Issuer’s existing 9.50% Senior Secured Notes due 2024 (the “ Existing Notes ”) pursuant to the previously announced exchange offer (the “ Exchange Offer ”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"approximately $181.4 million aggregate principal amount"},{"label":"Counterparty","value":"Deutsche Bank Trust Company Americas"},{"label":"Rate","value":"10.75% per annum"},{"label":"Maturity","value":"June 15, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"f92efb6c043831c558787b158cdfbecbef88ea8f","claim":"Target Hospitality Corp. amended senior notes with Deutsche Bank Trust Company Americas.","evidence_excerpt":"On November 1, 2023, the Issuer and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ Existing Notes Trustee ”), entered into a first supplemental indenture (the “ Supplemental Indenture ”) to the indenture, dated as of March 15, 2019 (as amended and supplemented from time to time, the “ Existing Notes Indenture ”), by and among the Issuer, the guarantors from time to time party thereto and the Existing Notes Trustee, governing the Existing Notes.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Counterparty","value":"Deutsche Bank Trust Company Americas"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"c5102d34c515e2973b38f5bb0d2d652ff4c27838","claim":"Target Hospitality Corp.: Adopted third amended and restated bylaws with changes to director nomination and proposal procedures, gender-neutral terms, and administrative updates (effective 2023-10-31).","evidence_excerpt":"On October 31, 2023, the Board of Directors (the “ Board ”) of the Company adopted and approved, effective immediately, the third amended and restated bylaws of the Company (as amended and restated, the “ Amended and Restated Bylaws ”).","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"},{"label":"Effective","value":"2023-10-31"}],"fact_type":"governance_change"},{"claim_id":"8ee3b77a0bba07c1df9fe3ad6886f4dbd5a93978","claim":"Target Hospitality Corp. amended Supplemental Indenture with Deutsche Bank Trust Company Americas, as trustee and as collateral agent (effective 2023-11-01).","evidence_excerpt":"On November 1, 2023, the Issuer and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ Existing Notes Trustee ”), entered into a first supplemental indenture (the “ Supplemental Indenture ”) to the indenture, dated as of March 15, 2019 (as amended and supplemented from time to time, the “ Existing Notes Indenture ”), by and among the Issuer, the guarantors from time to time party thereto and the Existing Notes Trustee, governing the Existing Notes.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Deutsche Bank Trust Company Americas, as trustee and as collateral agent"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"},{"claim_id":"a3efa95472c600dff176c525f806c6338a6e63d5","claim":"Target Hospitality Corp. entered into New Notes Indenture with Deutsche Bank Trust Company Americas, as trustee and as collateral agent valued at approximately $181.4 million aggregate principal amount of the New Notes (effective 2023-11-01).","evidence_excerpt":"On November 1, 2023 (the “ Issue Date ”), Arrow Bidco, LLC (the “ Issuer ”), a wholly-owned indirect subsidiary of Target Hospitality Corp. (the “ Company ”), the guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ New Notes Trustee ”), entered into an indenture (the “ New Notes Indenture ”) governing the Issuer’s 10.75% Senior Secured Notes due 2025 (the “ New Notes ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1712189/000110465923114293/0001104659-23-114293-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Deutsche Bank Trust Company Americas, as trustee and as collateral agent"},{"label":"Value","value":"approximately $181.4 million aggregate principal amount of the New Notes"},{"label":"Effective","value":"2023-11-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}