Market Overview

Quality Distribution Announces Pricing of 5M Share Offering at $13.00

Quality Distribution, Inc. (Nasdaq: QLTY) announced today that its previously announced underwritten public offering of 5,000,000 shares of its common stock, of which Quality is offering for sale 2,500,000 shares and certain affiliates of Apollo Management, L.P. are offering for resale 2,500,000 shares, was priced at $13.00 per share. Apollo has granted the underwriters of the common stock offering an option to purchase up to 750,000 additional shares of common stock.

Quality intends to use the net proceeds from the sale of shares in this offering for general corporate purposes, including potential acquisitions. Quality may also elect to redeem a portion of its second-priority senior secured notes due 2018. Pending such use of proceeds, Quality will reduce the amounts owing under its ABL facility. Quality will not receive any proceeds from the sale of the shares by the selling stockholders in this offering. The offering is expected to be consummated on March 13, 2012, subject to certain customary conditions.

Posted-In: News Offerings

 

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