Target Hospitality closes new $660M ABL facility, replacing $175M prior credit line

Target Hospitality Corp.

• New $660M asset-based revolving credit facility matures July 2031, nearly quadrupling prior $175M capacity.
• Borrowing cost reduced by up to 250 bps; interest at Term SOFR + 2.25%-3.00% based on leverage.
• Accordion feature allows incremental commitments up to $850M, subject to conditions.
• Proceeds used to repay existing facility and fees; supports 20,000+ bed commercial pipeline.
• JPMorgan Chase, PNC, Wells Fargo acted as joint lead arrangers; Morgan Stanley and Huntington as documentation agents.