Quality Distribution Inc, 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. The initial public offering is expected to close Thursday, November 13.
The offering is conditioned upon the entry by Quality Distribution LLC into a new credit facility and the completion of the concurrent private offering of nine percent senior subordinated notes due 2010 to be co-issued by the company's subsidiaries, Quality Distribution LLC and QD Capital Corporation. The notes will be guaranteed by the company and certain of its subsidiaries. The offering of the notes is expected to close on Thursday, November 13 and raise about $125 million. The note offering is conditioned upon the completion of the stock offering.