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QLTY > SEC Filings for QLTY > Form 8-K on 1-Oct-2012All Recent SEC Filings

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Form 8-K for QUALITY DISTRIBUTION INC


1-Oct-2012

Entry into a Material Definitive Agreement, Creation of a Direct Financi


Item 1.01 Entry into a Material Definitive Agreement.

On September 27, 2012, Quality Distribution, Inc. (the "Company") and its wholly owned subsidiary, Quality Distribution, LLC ("QD LLC"), increased their maximum borrowing capacity from $250 million to $350 million under the senior secured asset-based revolving credit facility (the "ABL Facility") with Bank of America, N.A., as administrative agent and collateral agent, JPMorgan Chase Bank, N.A., as syndication agent, and the lenders party thereto from time to time. The increase was effectuated through an Amendment (the "Amendment") to the Credit Agreement dated as of September 27, 2012 among the Company, QD LLC, the other loan parties party thereto, Bank of America, N.A., as administrative agent, and the lenders party thereto. This Amendment increases the maximum borrowing capacity, subject to certain conditions, through the ABL Facility's accordion feature, and adjusts the borrowing base and certain availability-based rights and obligations under the ABL Facility. The maturity, interest rate and other material terms and conditions of the ABL Facility remain the same.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed herewith as Exhibit 10.1 and is incorporated in this Item 1.01 by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number         Description of Exhibits

10.1                   Amendment to Credit Agreement, dated as of September 27,
                       2012 by and among Quality Distribution, Inc., Quality
                       Distribution, LLC, the other loan parties party
                       thereto, Bank of America, N.A., as administrative agent and
                       collateral agent, and the lenders party thereto


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