International Textile, subsidiary pay down $25 million under facility

By Jennifer Chiou

New York, Dec. 7 - International Textile Group, Inc. used $5 million of $25 million in borrowings to repay certain outstandings under its $165 million credit agreement with General Electric Capital Corp., according to an 8-K filing with the Securities and Exchange Commission.

The other $20 million of proceeds from the notes was loaned to Narricot Industries, LP, a wholly owned subsidiary, to repay some of the revolving credit facility.

The total $25 million of borrowings came in the form of notes from three investment funds affiliated with the chairman of the company's board, Wilbur L. Ross Jr.

As a result, International Textile issued subordinated promissory notes to each of WLR IV Parallel ESC, LP, WLR Recovery Fund III, LP and WLR Recovery Fund IV, LP in the principal amounts of $75,000, $2.28 million and $22.65 million, respectively.

Ross and his affiliates own about 82% of the company's common stock, the filing noted.

International Textile is a Greenville, S.C.-based supplier of automotive airbag fabric and cushions and technical fabrics.

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