ITG Nets Loan From Bank Of America
Greensboro, N.C.-based fabric manufacturer International Textile Group (ITG) has received a $150
million senior secured credit facility from Glastonbury, Conn.-based Bank of America Business
Capital, which also has agreed to provide letters of credit to the company. ITG will use the credit
facility to refinance existing debt and provide for ongoing capital requirements.
"Bank of America Business Capital structured a deal with limited financial covenants giving us the flexibility to pursue our global business strategy," said Joseph L. Gorga, president and CEO, ITG. He said the loan also provides advances against certain receivables for ITG's international customers.