Quality Distribution Inc, based in Tampa FL, has announced that the initial public offering of seven million shares of its common stock was priced at $17 per share, and has been approved for listing on NASDAQ under the symbol QLTY. Trading began November 7 and was expected to close November 13. The sale is expected to raise about $125 million.
This offering is conditioned upon the entry by Quality Distribution LLC into a new credit facility and completion of the concurrent private offering of 9% senior subordinated notes due 2010 to be co-issued by the company's subsidiaries, Quality Distribution LLC and QD Capital Corp. The notes will be guaranteed by the company and certain of its subsidiaries. The note offering is conditioned upon completion of the stock offering.