Hexcel upsizes revolver to $285 million to help fund buyback of notes

By Sara Rosenberg

New York, Dec. 13 - Hexcel Corp. increased its revolving credit facility to $285 million from $150 million, according to a news release.

Proceeds from the upsized revolver will be used to help fund the redemption of $150 million of the company's $225 million 6.75% senior subordinated notes on Feb. 1 at a call premium of 2.25%.

There were no changes made to the terms and conditions of the revolver with the upsizing. Pricing on the facility is not expected to exceed Libor plus 225 basis points for 2011, and the spread can drop to Libor plus 200 bps based on leverage.

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

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