Hexcel to reduce revolving credit facility debt with new note offering

By Tali Rackner

Norfolk, Va., Feb. 13 – Hexcel Corp. plans to reduce amounts outstanding under its revolving credit facility with the net proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

The commitment amount on the facility, which matures in June 2021, will stay the same.

As of Feb. 6, there were $2.1 million of letters of credit outstanding under the revolver, resulting in undrawn availability of $300.9 million.

Proceeds will also be used for general corporate purposes, including the repurchase of shares of outstanding common stock under the company’s authorized share repurchase program.

Hexcel is a composites company based in Stamford, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.