Bulk trucking giant Quality Distribution took advantage of low-cost credit to increase its borrowing power by $100 million to $350 million. That will lower the carrier’s cost of capital and allow it to be “opportunistic,” said CFO Joe Troy.
The Tampa, Fla.-based trucking operator made several acquisitions this year that expand its business with oil and gas shale drilling or “fracking” operations, including the $79 million purchase of Wylie Bice Trucking of North Dakota in June.
The $746 million tank truck company gets most of its revenue from chemical hauling, but its energy business is growing fast. More than $30 million in revenue from energy clients helped Quality achieve a $23.4 million profit in 2011.