Target Hospitality Completes Upsized Secondary Offering and Concurrent Stock Repurchase
Target Hospitality Corp. has completed an upsized secondary offering involving the sale of 14 million shares at $18.50 per share, with underwriters exercising their option to purchase an additional 2.1 million shares on the same terms. The company did not sell any shares in this transaction and therefore received no proceeds from it. Concurrently, Target Hospitality repurchased 1,693,599 of its own shares at $18.50 per share using cash reserves and borrowings under its ABL Credit Facility. These repurchased shares will be held as treasury stock. Morgan Stanley & Co., Deutsche Bank Securities Inc., and J.P. Morgan acted as book-running managers for the offering. The transaction was conducted under an effective shelf registration statement filed with the SEC in 2019, and a final prospectus supplement is available on the SEC's website.
Topics: secondary offering stock offering treasury shares underwriters