...+ U.S.-based International Textile Group Inc. (ITG) is looking to issue debt to fund the $582 million acquisition of global sewing thread manufacturer American & Efird Global Holdings LLC (A&E) and refinance its existing debt. + We have assigned our 'B' corporate rating to ITG. + At the same time, we have assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $575 million of first-lien term loan due in 2025. Concurrently, we assigned our 'B-' issue-level rating and '5' recovery rating to the company's proposed second-lien term loan due in 2026. + The stable outlook reflects our view that there is minimal integration risk with the combination of ITG and A&E, and the company's earnings should be stable as the faster growing Asian textile markets help offset the still challenged North American apparel sector. We expect the company to maintain leverage between 5x to 6x. CHICAGO (S&P Global Ratings) April 3, 2018--S&P Global Ratings today assigned its 'B' corporate...
