TAMPA, Fla., Feb. 1, 2011 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality") announced today the launch of a public offering of approximately 4,000,000 shares of its common stock. Quality is offering for sale to the public 2,000,000 shares of its common stock and certain affiliates of Apollo Management, L.P. ("Apollo") are offering for resale to the public approximately 2,000,000 shares of Quality's common stock owned by them. Apollo will grant to the underwriters of the common stock offering an option to purchase up to 600,000 shares of additional common stock, exercisable solely to cover over-allotments. Quality intends to use the net proceeds from the shares that it plans to sell in this offering to retire or repay existing indebtedness. Quality will not receive any proceeds from the sale of the shares by the selling stockholders in this offering.
The offering will be made under Quality's registration statement on Form S-3 filed with the Securities and Exchange Commission. The book-running managers for the offering are Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and RBC Capital Markets, LLC. The co-managers for the offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Stifel, Nicolaus & Company, Incorporated, Cantor Fitzgerald & Co., Moelis & Company LLC, SunTrust Robinson Humphrey, Inc., Ladenburg Thalmann & Co. Inc. and Sterne, Agee & Leach, Inc.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Credit Suisse Prospectus Department, One Madison Avenue, New York, New York 10010 or by contacting Quality Distribution, Inc., 4041 Park Oaks Boulevard, Suite 200, Tampa, Florida 33610, Attn: Corporate Secretary.