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Quality Distribution may use stock offering proceeds to redeem notes
By Tali David
Minneapolis, March 5 - Quality Distribution, Inc. plans to use the proceeds of its offering of 2.5 million shares of common stock for general corporate purposes, including potential acquisitions, according to a 424B5 filed with the Securities and Exchange Commission.
The company said it might also elect to redeem a portion of its 9 7/8% second-priority senior secured notes due 2018.
Pending such use of proceeds, Quality Distribution said it will reduce the amounts owed under its ABL facility.
The company said it estimates that the net proceeds, based on an assumed public offering price of $13.36 per share, will be about $31.4 million after deducting the underwriting discounts and commissions and estimated offering expenses.
Quality Distribution is a Tampa, Fla.-based chemical bulk tank truck operator.
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