Business
Target Hospitality Accelerates Value Creation with Partial Redemption of Senior Secured Notes due 2024
THE WOODLANDS, Texas, Feb. 28, 2023 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality," "Target" or the "Company") (Nasdaq: TH), one of North
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, Feb. 28, 2023 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality,\" \"Target\" or the \"Company\") (Nasdaq: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced that its indirect subsidiary, Arrow Bidco, LLC, will redeem $125,000,000 in aggregate principal amount of its outstanding 9.50% Senior Secured Notes due 2024 (the \"Notes\") on March 15, 2023 (the \"Redemption Date\").\nThe Notes will be redeemed for a redemption price equal to 100.000% of the principal amount of the Notes redeemed plus accrued and unpaid interest to but not including the Redemption Date (together, the \"Redemption Payment\"). From and after the Redemption Date, all interest will cease to accrue on the Notes redeemed.\nTarget has remained focused on reducing total indebtedness, which has materially strengthened its balance sheet and maximized financial flexibility. The partial redemption of the Notes has advanced these objectives, while simultaneously accelerating value creation. Target will remain focused on allocating capital to high return initiatives, including strategic growth opportunities, while maintaining progress towards being net-debt free in 2023. \nInvestors in the Notes should contact the bank or broker through which they hold a beneficial interest in the Notes for information about obtaining the Redemption Payment for the Notes redeemed in which they have a beneficial interest.\nAbout Target Hospitality\nTarget Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.\nCautionary Statement Regarding Forward Looking Statements\nCertain statements made in this press release are \"forward looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \"estimates,\" \"projected,\" \"expects,\" \"anticipates,\" \"forecasts,\...