Hexcel announces $75 million add-on to revolving loan facility

By Tali David

Minneapolis, May 29 - Hexcel Corp. announced a $75 million add-on to its revolving loan facility due 2015 in a press release.

The add-on, which increases the facility to $360 million from $285 million, will fund the redemption of the company's $73.5 million of 6¾% senior subordinated notes due 2015.

The company said it entered into interest rate hedges that expire in March 2014 to swap the $75 million add-on's floating Libor for a 0.67% fixed rate. As a result, the interest rate on the add-on will be 2.67% through March 2014.

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

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