Monday, August 31, 2009, 9:40am EDT
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Quality Distribution revamps debt, seeks financial flexibility

Tampa Bay Business Journal

Quality Distribution Inc. unveiled a revised debt arrangement that the company said would give its more financial flexibility.

Under the deal, subsidiaries Quality Distribution LLC and QD Capital Corp. will exchange privately exchanged newly issued 10 percent senior notes due 2013 and, in some cases, cash, for outstanding notes, a release said.

The outstanding notes included two series of senior floating rate notes due in 2012.

The purpose of the offer was to extend the weighted average maturity of Quality’s outstanding debt, as well as to give the trucking company more financial flexibility as it executes its operating strategies in an extremely challenging economic environment, the release said.
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It looks like the big dark cloud hanging over them for 2010 has been lifted and is far more manageable.