Target Hospitality launches secondary offering of 7 million shares

Target Hospitality Corp. (NASDAQ: TH) announced the launch of an underwritten secondary offering of 7 million shares of its common stock. The shares are being offered by Arrow Holdings S.à r.l. and MFA Global S.à r.l., entities controlled by TDR Capital LLP.

The company will not offer any shares in the offering and will not receive proceeds from the sale. The selling stockholders have granted underwriters a 30-day option to purchase up to an additional 1.05 million shares.

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

The offering is being 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 providers of modular accommodations and hospitality services. The company is based in The Woodlands, Texas.

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