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International Textile to launch $710 million of term loans Wednesday
By Sara Rosenberg
New York, April 2 – International Textile Group Inc. is scheduled to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch $710 million of term loans, according to a market source.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC and HSBC Securities (USA) Inc. are the lead arrangers on the deal.
The debt is split between a $575 million seven-year covenant-light first-lien term loan and a $135 million eight-year covenant-light second-lien term loan, the source said.
Proceeds will be used to finance the acquisition of American & Efird, a Mt. Holly, N.C.-based manufacturer of sewing thread, embroidery thread and technical textiles, and to refinance existing debt.
International Textile Group is a Greensboro, N.C.-based manufacturer of industrial and technical threads and woven fabrics.
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