Target Hospitality closes secondary offering of 8.05 million shares

Target Hospitality Corp. (NASDAQ: TH) completed a secondary offering of 8.05 million shares of common stock at $17.00 per share, according to a company statement. The offering included 7 million shares and an additional 1.05 million shares from the full exercise of underwriters' option to purchase additional shares.

The shares were sold by Arrow Holdings S.à r.l. and MFA Global S.à r.l., entities controlled by TDR Capital LLP. Target Hospitality did not sell any shares in the offering and received no proceeds from the transaction.

Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. served as book-running managers for the offering. Northland Securities, Inc., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, and Texas Capital Securities acted as co-managers.

The offering was conducted under an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on April 10, 2019, and declared effective on May 16, 2019.

Target Hospitality describes itself as one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services. The company is based in The Woodlands, Texas.

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