Hexcel gets $250 million credit facility led by Bank of America, RBS

By Sara Rosenberg

New York, July 12 - Hexcel Corp. closed on a new $250 million five-year senior secured credit facility, according to a news release.

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

The facility consists of a $150 million revolver and a $100 million term loan, with both tranches priced at Libor plus 275 basis points through December. After that, pricing can range from Libor plus 200 bps to Libor plus 275 bps based on leverage. There is no Libor floor.

Proceeds were used to replace the company's previous senior secured credit facility that was comprised of a $131 million term loan and a $125 million revolver and priced at Libor plus 400 bps with a 2.5% Libor floor.

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

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