Fabric manufacturer International Textile Group Inc has been granted a US$150 million secured credit facility from Bank of America Business Capital.

The credit facility will be used to refinance existing debt and allow for future capital requirements.

Located in Greensboro, North Carolina, International Textile Group was formed this year when financier Wilbur Ross merged Burlington Industries Inc and Cone Mills Corp.

Through its Cone Denim and BWW apparel fabrics units, ITG makes denim, worsted wool, synthetics, cotton, and barrier fabrics.

Joseph Gorga, president and chief executive officer of ITG's owner, Wilbur Ross & Company, said the asset-based loan "also supports our growing sales to international customers by providing advances against certain foreign receivables."