Quality Distribution Launches Public Offering of 4M Shares
Quality Distribution, Inc. (Nasdaq: QLTY) announced today the launch of a public offering of approximately 4,000,000 shares of its common stock. Quality is offering for sale to the public 2,000,000 shares of its common stock and certain affiliates of Apollo Management, L.P. are offering for resale to the public approximately 2,000,000 shares of Quality's common stock owned by them.
Apollo will grant to the underwriters of the common stock offering an option to purchase up to 600,000 shares of additional common stock, exercisable solely to cover over-allotments. Quality intends to use the net proceeds from the shares that it plans to sell in this offering to retire or repay existing indebtedness. Quality will not receive any proceeds from the sale of the shares by the selling stockholders in this offering.
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