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Apollo to Sell Part of Quality Distribution Stake

9:55 AM MST | February 4, 2011 | Vincent Valk

Private equity firm Apollo Management is selling about two million shares of its common stock in Quality Distribution, a bulk chemicals distributor, in a public offering. With the stock sale, the firm is reducing its ownership stake in the company to 36% from 48.7%. Quality is also issuing two million additional new shares of common stock. The entire four million share offering has been priced at $9.50/share. Quality's proceeds from the offering, expected to total between $16 and $17 million, will to go towards retiring the company's payment-in-kind (PIK) loan...

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