Arrow Bidco Announces Completion of $340 Million Senior Secured Notes Offering

THE WOODLANDS, Texas–(BUSINESS WIRE)–Arrow Bidco, LLC, a Delaware limited liability company (the “Issuer”),
announced today that it completed its offering of $340 million in
aggregate principal amount of its 9.50% senior secured notes due 2024
(the “Notes”). The Issuer intends to use the proceeds of the offering,
together with funds from other sources, to: (i) fund Target Logistics
Management, LLC’s (“Target Lodging”) and RL Signor Holdings LLC’s
(“Signor Lodging”) planned business combination (the “Business
Combination”) with Platinum Eagle Acquisition Corp., a Nasdaq-listed
special purpose acquisition company (“Platinum Eagle”), (ii) repay in
full certain existing third-party and intercompany indebtedness and
(iii) pay fees and expenses incurred in connection with the Business
Combination. After giving effect to the Business Combination, the Issuer
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” in connection with the Business
Combination).

The Notes were offered in a private placement transaction to qualified
institutional buyers in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and outside the United
States to non-U.S. persons in accordance with Regulation S under the
Securities Act. The Notes have not been registered under the Securities
Act or the securities laws of any other jurisdiction and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

About the Issuer

The Issuer is the direct parent of Signor Lodging and a direct
subsidiary of Arrow Parent Corp. (“Arrow Parent”). In connection with
the Business Combination, Arrow Parent will merge with and into Topaz
Holdings LLC (“Topaz Holdings”), a wholly-owned subsidiary of Platinum
Eagle and, as a result, Arrow Bidco will become a direct wholly-owned
subsidiary of Topaz Holdings.

About Target Lodging

Founded in 1978, Target Lodging is the largest vertically integrated
specialty rental and hospitality services company in the United States.
The company is principally focused on building, owning and operating
housing communities across several end markets, including oil and gas,
energy infrastructure and government. Target Lodging provides
cost-effective and customized specialty rental accommodations, culinary
services, and hospitality solutions, including site design,
construction, operations, security, housekeeping, catering, concierge
services, and health and recreation facilities as part of its integrated
housing and hospitality communities. Target Lodging was named by Inc.
magazine in 2012 and 2013 as one of “America’s Fastest Growing Private
Companies.” Target Lodging has been an Algeco company since 2013.

About Signor Lodging

Signor Lodging, founded in 1990, specializes in superior remote
workforce housing serving oil and gas customers throughout the Permian
and Eagle Ford Basins. Signor Lodging operates nine properties across
West Texas, Southeast New Mexico and Oklahoma.

About Platinum Eagle

Platinum Eagle was formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. Platinum Eagle raised
$325 million in its initial public offering and began trading on Nasdaq
in January 2018. Its Class A ordinary shares, units and warrants trade
under the ticker symbols EAGL, EAGLU and EAGLW, respectively.

Forward-Looking Statements

Certain statements made in this release are “forward looking statements”
within the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,”
“may,” “will,” “should,” “future,” “propose” and variations of these
words or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future performance,
conditions or results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of which
are outside Platinum Eagle’s, Target Lodging’s or Signor Lodging’s
control, that could cause actual results or outcomes to differ
materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or
outcomes include the inability to complete the business combination
(including due to the failure to receive required shareholder approvals,
or the failure of other closing conditions); the inability to recognize
the anticipated benefits of the proposed business combination; the
inability to meet Nasdaq listing standards; costs related to the
business combination; Target Hospitality’s ability to manage growth;
Target Hospitality’s ability to execute its business plan and meet its
projections; Target Hospitality’s ability to identify, consummate and
integrate acquisitions; rising costs adversely affecting Target
Hospitality’s profitability; potential litigation involving Platinum
Eagle, Target Lodging, Signor Lodging, or after the closing, Target
Hospitality, and general economic and market conditions impacting demand
for Target Lodging’s products and services, and in particular economic
and market conditions in the oil industry in the markets in which Target
Hospitality operates. None of Platinum Eagle, Target Lodging or Signor
Lodging undertakes any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.

Disclaimer

This press release shall not constitute a solicitation of a proxy,
consent or authorization with respect to any securities and shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities, nor shall there by any sale of securities in any states or
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. No offering of securities shall be made
except by means of a prospectus meeting the requirements of section 10
of the Securities Act.

Contacts

Investors

Narinder Sahai, 832-702-8009
IR@targetlodging.com

or

Rodny
Nacier, 832-702-8009
IR@targetlodging.com

Media

Jason
Chudoba, 646-277-1249
Jason.Chudoba@icrinc.com

or

Elyse
Gentile, 646-677-1823
Elyse.Gentile@icrinc.com