International Textile gets $150 million credit facility

By Sara Rosenberg

New York, Oct. 18 - International Textile Group Inc. closed on a new $150 million senior secured credit facility containing a revolving credit facility, a term loan and a capital expenditure line, according to a company news release.

Bank of America Business Capital was the lead bank on the deal.

Proceeds will be used to refinance existing debt and provide for capital requirements.

"Bank of America Business Capital structured a deal with limited financial covenants giving us the flexibility to pursue our global business strategy," president and chief executive officer Joseph L. Gorga said in the release. "This asset-based loan also supports our growing sales to international customers by providing advances against certain foreign receivables."

International Textile is a Greensboro, N.C.-based textile fabrics producer.

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