Quality Distribution completes $250 million asset-based revolver

By Sara Rosenberg

New York, Aug. 22 - Quality Distribution LLC closed on a new $250 million five-year million asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. acted as the joint lead arrangers and bookrunners on the deal that was completed on Aug. 19.

Initial pricing on the revolver is Libor plus 225 basis points. Pricing can range from Libor plus 200 bps to 250 bps based on average excess availability.

There is an unused fee that can range from 25 bps to 50 bps.

Proceeds were used to refinance an existing asset-based revolver and are available for working capital needs, to finance capital expenditures and acquisitions and for general corporate purposes.

The terms and conditions, including pricing, are substantially similar to the company's previous credit facility, except that incremental availability as of the closing date will increase by about $7 million.

Quality Distribution is a Tampa, Fla.-based operator of a chemical bulk tank truck network and provider of intermodal tank container and depot services.

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