Hexcel enters new $750M credit facility, borrows $60M to repay existing facility

HEXCEL CORP /DE/

New $750M revolving credit facility matures April 25, 2028; replaced facility that was to expire June 20, 2024.
$60M borrowed on April 25, 2023 to repay all amounts under the terminated credit facility and pay fees.
No early termination penalties incurred.
Interest rate initially SOFR + 1.125% for SOFR loans; margin may fluctuate based on debt rating or leverage ratio.
Financial covenants include minimum interest coverage and max consolidated net leverage ratio; facility can be increased by up to $500M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HEXCEL CORP /DE/ entered into Credit Agreement with Citizens Bank, N.A., as administrative agent for the lenders, and the other institutions party thereto valued at $750 million (effective 2023-04-25).

Action: entry
Agreement: credit facility
Counterparty: Citizens Bank, N.A., as administrative agent for the lenders, and the other institutions party thereto
Value: $750 million
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Hexcel Corporation ("Hexcel") entered into a new credit agreement (the "Credit Agreement") governing its $750 million revolving credit facility (the "Revolver"), which matures on April 25, 2028.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HEXCEL CORP /DE/ terminated Terminated Credit Facility with Citizens Bank, N.A., as administrative agent for the lenders, and the other institutions party thereto (effective 2023-04-25).

Action: termination
Agreement: credit facility
Counterparty: Citizens Bank, N.A., as administrative agent for the lenders, and the other institutions party thereto
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, Hexcel borrowed $60 million under the Credit Agreement, the proceeds of which were used to repay all amounts, and terminate all commitments, outstanding under the existing credit agreement

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HEXCEL CORP /DE/ filing history →

Source: SEC EDGAR

accession 0000930413-23-001421

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