By Sheri Kasprzak
New York, March 8 - International Textile Group, Inc. completed a $50 million private placement of convertible preferred stock for $50 million.
The company sold to WLR Recovery Fund III and WLR/GS Master Co-Investment, LP 2 million shares of the preferred stock at $25.00 each.
The preferreds are convertible into common shares at $25.00 each.
Based in Greensboro, N.C., International Textile provides textiles and fabrics to apparel manufacturers.
| Issuer: | International Textile Group, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $50 million
|
| Shares: | 2 million
|
| Price: | $25.00
|
| Conversion price: | $25.00
|
| Warrants: | No
|
| Investors: | WLR Recovery Fund III and WLR/GS Master Co-Investment, LP
|
| Settlement date: | March 2
|
| Stock symbol: | OTCBB: ITXN
|
| Stock price: | $10.00 at close March 2
|
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