Quality Distribution calls $10 million 9 7/8% second priority notes

New York, Dec. 16 – Quality Distribution, Inc. said it has called for redemption $10 million of its 9 7/8% second priority senior notes due 2018.

The company will pay 104.938% of par plus accrued interest up to but excluding the redemption date of Jan. 15.

Funding for the call will come from borrowings under Quality Distribution’s ABL revolving credit facility or cash on hand or both.

“This redemption is a further step in achieving our previously discussed goal of reducing our cost of debt while maintaining strong liquidity,” commented Joe Troy, executive vice president and chief financial officer, in a news release.

“As previously noted, we continue to evaluate opportunities to refinance our outstanding 2018 notes and remain committed to reducing balance sheet leverage with our strong free cash flow.”

The company previously redeemed $22.5 million of the notes on July 16 and a further $22.5 million on July 15, 2013.

The notes were issued by the company’s subsidiaries, Quality Distribution, LLC and QD Capital Corp.

Quality Distribution is a Tampa, Fla.-based operator of a chemical bulk logistics network.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.