International Textile obtains $85 million revolver, lower pricing

By Marisa Wong

Madison, Wis., Dec. 19 – International Textile Group, Inc. amended its credit agreement on Dec. 18 with General Electric Capital Corp. as agent and lender to provide for revolving credit facility availability of $85 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on Dec. 18, 2019.

The amendment also provides for a maturity date on term loan borrowings of Jan. 1, 2017, with term loan repayments of about $250,000 per month required until maturity.

Revolver availability is subject to a borrowing base.

Borrowings under the amended credit agreement bear interest at Libor plus an applicable margin that was reduced by 175 basis points.

The amendment also reduced unused commitment fees on the revolver to a range of 25 bps to 37.5 bps from a range of 50 bps to 75 bps, depending on amounts borrowed.

Under the credit agreement, the company is required to maintain excess availability and average adjusted availability at or above certain predefined levels.

The textile manufacturer is based in Greensboro, N.C.

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