Target Hospitality stockholders launch 7 million share offering

Target Hospitality Corp. (NASDAQ: TH) announced that certain stockholders will sell 7 million shares of common stock in an underwritten secondary offering. The company stated it will not offer any shares and will not receive proceeds from the sale.

The selling stockholders are Arrow Holdings S.à r.l. and MFA Global S.à r.l., entities controlled by TDR Capital LLP acting as investment fund manager. The stockholders 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. serve as book-running managers for the offering. Northland Securities, Inc., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, and TCBI Securities, Inc. act as co-managers.

The offering operates under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on April 10, 2019, and declared effective on May 16, 2019. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

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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