Target Hospitality selling shareholders launch secondary offering of 13,000,000 shares
TH•Secondary offering and share repurchase plan
Target Hospitality launched an underwritten secondary offering of 13,000,000 common shares sold by Arrow Holdings S.à r.l. and MFA Global S.à r.l.
Selling stockholders granted underwriters a 30-day option to buy up to 1,950,000 additional shares.
Concurrent with the offering close, Target Hospitality plans to repurchase up to USD 30 million of offered shares from underwriters. The repurchase price is set at the underwriters’ purchase price from the selling stockholders, and the shares are to be held as treasury stock.
Funding is expected from cash on hand and borrowings under its ABL credit facility.
