Arrow BidCo announces $340 million notes backing Target Lodging-Signor Lodging combination

By Paul A. Harris

Portland, Ore., March 7 – Arrow BidCo, LLC plans to sell $340 million of speculative-grade senior secured notes due 2024, according to a high-yield bond trader based in New York.

Proceeds from the Rule 144A and Regulation S offering, together with funds from other sources, will be used to fund Target Logistics Management, LLC’s (Target Lodging) and RL Signor Holdings LLC’s (Signor Lodging) planned business combination with Platinum Eagle Acquisition Corp., a special purpose acquisition company.

Proceeds will also be used to prepay certain third-party and inter-company debt and provide cash for the combined company’s balance sheet.

Following the business combination, Arrow BidCo will be the direct parent of Target Lodging and Signor Lodging and an indirect, wholly owned subsidiary of Platinum Eagle, which will be renamed Target Hospitality.

No other details on the notes offering were available at press time, the trader said.

Target Hospitality provides specialty rental and hospitality services in the United States, principally focused on several end markets, including oil and gas, energy infrastructure and government. It is based in The Woodlands, Texas.

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