Target Hospitality closes new USD 660 million asset-based revolving credit facility
TH•New revolving credit facility replaces prior revolver
Target Hospitality closed a USD 660 million asset-based revolving credit facility, replacing its USD 175 million senior secured revolver.
- Five-year term matures in July 2031 and includes an accordion for up to USD 190 million, lifting total commitments to as much as USD 850 million.
- Borrowings are priced at Term SOFR + 2.25% to 3.00%, tied to the total leverage ratio, and cut borrowing costs by up to 250 basis points.
- JPMorgan Chase serves as administrative agent; PNC Bank and Wells Fargo participate as joint lead arrangers and joint bookrunners.
