TH - Target Hospitality Receives S&P Credit Upgrade to B+ Supported by Positive Outlook on Humanitarian Contract
Target Hospitality Receives S&P Credit Upgrade to B+ Supported by Positive Outlook on Humanitarian Contract
PR Newswire
THE WOODLANDS, Texas , April 10, 2023 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality," "Target" or the "Company") (Nasdaq: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, announced that on April 6, 2023 , S&P Global Ratings upgraded the Company's credit rating to B+ and its Senior Secured Notes due 2024 ("Senior Notes") rating to BB-, representing a one and two notch upgrade, respectively.
These upgrades reflect the sustained earnings momentum Target has achieved through its focused strategic diversification efforts and continued progress towards a multi-year contract award for the Expanded Humanitarian Community, which the Company previously announced on July 6 , 2022.
Further, Target has achieved its strategic objective to materially strengthen its balance sheet through focused capital discipline and a commitment to reducing total indebtedness. Inclusive of the Company's $125 million partial redemption of its Senior Notes on March 15, 2023 , Target has reduced total cumulative debt by more than $350 million since 2020.
These accomplishments have substantially de-risked Target's capital structure, increased the intrinsic value of the Company, and established a foundation to continue accelerating value creation.
About Target Hospitality
Target Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States . Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.
Investor Contact
Mark Schuck
(832) 702 – 8009
ir@targethospitality.com
SOURCE Target Hospitality
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