Hexcel completes new $300 million senior secured credit facility

By Sara Rosenberg

New York, May 21 - Hexcel Corp. closed on a new $300 million senior secured credit facility (Ba1/BBB-), according to a news release.

Deutsche Bank and Bank of America acted as the lead banks on the deal.

The facility consists of a $175 million five-year term loan priced at Libor plus 400 basis points and a $125 million four-year revolver with pricing that can range from Libor plus 325 bps to 400 bps based on leverage.

Both tranches carry a 2.5% Libor floor.

The term loan was sold to investors at an original issue discount of 98.

Proceeds were used to replace the company's existing credit facility, which consisted of $167 million of term loans and a $125 million revolver that was due on March 1, 2010.

Hexcel is a Stamford, Conn.-based advanced composites company.

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