TAMPA, Fla., Feb. 3, 2011 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Nasdaq:QLTY) ("Quality") announced today that the underwritten public offering of approximately 4,000,000 shares of its common stock, of which Quality is offering for sale 2,000,000 shares and certain affiliates of Apollo Management, L.P. ("Apollo") are offering for resale 2,000,000 shares, was priced at $9.50 per share. Apollo has granted to the underwriters of the common stock offering an option to purchase up to 600,000 shares of additional common stock, exercisable within 30 days after today's date solely to cover over-allotments. Quality intends to use the net proceeds from the shares that it will sell in this offering to retire or repay existing indebtedness. Quality will not receive any proceeds from the sale of the shares by Apollo in this offering.
The shares will be issued pursuant to Quality's effective 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 Stifel, Nicolaus & Company, Incorporated, SunTrust Robinson Humphrey, Inc., Cantor Fitzgerald & Co., Moelis & Company LLC, 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.