← Target Hospitality Corp.

CREDIT AGREEMENT

When the limit steps, and which way the company's ratio has been moving.

4.59x2.03x-0.53x

Signed Jul 24, 2026

Committed
$660m
Matures
Jul 2031
Agent
JPMorgan Chase Bank, N.A.
TrancheSizeMaturesMargin
Revolving Credit Facility$660mJul 2031225–300 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level Category 1< 1.50 to 1.00225 bpsn/a
Level Category 2>= 1.50 to 1.00 and < 2.50 to 1.00250 bpsn/a
Level Category 3>= 2.50 to 1.00 and < 3.50 to 1.00275 bpsn/a
Level Category 4>= 3.50 to 1.00300 bpsn/a

Lenders: JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, Wells Fargo Bank, National Association

Tested quarterly72.5%ratio 1.10x, estimated, vs 4.00x limit in force at Jun 30, 20264.00x

Equity cure available.

The Borrowers shall not permit the Total Leverage Ratio as of the last day of any fiscal quarter commencing with the first full fiscal quarter ending after the Effective Date to exceed 4.00 to 1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured2.50x

Equity cure available.

The Borrowers shall not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter commencing with the first full fiscal quarter ending after the Effective Date to be less than 2.50 to 1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured3.00x
  • From for each fiscal quarter thereafter · 2.50x

Equity cure available.

The Borrowers shall not permit the First Lien Secured Leverage Ratio as of the last day of any fiscal quarter commencing with the first full fiscal quarter ending after the Effective Date to exceed (i) for the first full fiscal quarter ending after the Effective Date through and including the fiscal quarter ending June 30, 2028, 3.00 to 1.00 and (ii) for each fiscal quarter thereafter, 2.50 to 1.00.
Read the filing on sec.gov ↗

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