Quality Distribution lifts asset-based revolver size to $350 million

By Susanna Moon

Chicago, Oct. 1 - Quality Distribution, Inc. said its wholly owned subsidiary Quality Distribution, LLC lifted the maximum borrowing capacity under its senior secured asset-based revolving credit facility to $350 million from $250 million.

The company amended its credit agreement last Thursday with Bank of America, NA as administrative agent and collateral agent, and with JPMorgan Chase Bank, NA as the syndication agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility was upsized by tapping the accordion feature, and the company adjusted the borrowing base and availability-based rights and obligations under the facility.

The maturity, interest rate and other material terms and conditions remain the same.

"Our objective when raising capital is to enhance liquidity and flexibility when markets are favorable," Joe Troy, chief financial officer, said in a company press release.

"This action provides additional access to low cost revolving credit capacity, which allows us to be opportunistic and supports our objective to reduce the company's overall cost of capital, which includes our commitment to de-levering Quality's balance sheet."

Quality Distribution is a Tampa, Fla.-based chemical bulk tank truck operator.

© 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.