Target Hospitality amends ABL facility, extends maturity to 2028

By Marisa Wong

Los Angeles, Feb. 15 – Target Hospitality Corp. announced it amended and extended the terms of its ABL credit agreement dated March 15, 2019 on Feb. 2.

The amended ABL facility added multiple new facility lenders and resulted in oversubscribed lender commitments, according to a press release. The amended facility consists of $125 million of commitments, expiring Feb. 1, 2028.

The company said it has remained focused on optimizing its financial position, centered on materially strengthening its balance sheet to maximize financial flexibility.

From 2020 through 2022, the company has reduced total cumulative debt more than $225 million and increased total available liquidity to over $305 million. The company noted that during that time, the focus on capital discipline allowed it to quickly react to strategic growth opportunities that support an anticipated 120% increase in revenue while making significant progress towards being net-debt free in 2023.

Target Hospitality is a food service management, concierge, laundry, logistics, security and recreational facilities services provider.

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