HEXCEL CORP /DE/ (HXL): debt financing — Hexcel enters new $750M credit facility, borrows $300M to refinance existing debt

HEXCEL CORP /DE/

New $750M revolver matures March 31, 2031; $300M drawn to repay and terminate existing $500M facility (was set to expire April 2028).
Interest rate: SOFR + 1.125% initially (base rate +0.125%); can fluctuate based on debt rating or leverage ratio.
Financial covenants: minimum interest coverage ratio and maximum consolidated net leverage ratio; customary restrictions on liens and asset sales.
Facility includes $50M letter of credit sublimit and $500M accordion feature for incremental loans.
No early termination penalties incurred on the old facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

HEXCEL CORP /DE/ incurred revolving credit of $750 million revolving credit facility; initially borrowed $300 million with Bank of America, N.A. as agent, and the lenders party thereto at SOFR rate borrowings: Adjusted Term SOFR plus Applicable Margin (initially 1.125 maturing March 31, 2031.

Instrument: revolving credit
Principal: $750 million revolving credit facility; initially borrowed $300 million
Counterparty: Bank of America, N.A. as agent, and the lenders party thereto
Rate: SOFR rate borrowings: Adjusted Term SOFR plus Applicable Margin (initially 1.125
Maturity: March 31, 2031
Event: incurrence

Exact text from the filing

On March 31, 2026, Hexcel Corporation (“Hexcel”) entered into a new credit agreement (the “Credit Agreement”) governing its $750 million revolving credit facility (the “Revolver”), which matures on March 31, 2031.

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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 parties party thereto (effective 2026-03-31).

Action: termination
Agreement: credit facility
Counterparty: Citizens Bank, N.A., as administrative agent for the lenders, and the other parties party thereto
Effective: 2026-03-31

Exact text from the filing

the proceeds of which were used to repay all amounts, and terminate all commitments, outstanding under the existing credit agreement by and among Hexcel, as borrower, the lenders party thereto, Citizens Bank, N.A., as administrative agent for the lenders, and the other parties party thereto (the “Terminated Credit Facility”)

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

HEXCEL CORP /DE/ entered into Credit Agreement with Bank of America, N.A., as agent for the lenders, and the other parties party thereto valued at $750 million (effective 2026-03-31).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as agent for the lenders, and the other parties party thereto
Value: $750 million
Effective: 2026-03-31

Exact text from the filing

On March 31, 2026, Hexcel Corporation (“Hexcel”) entered into a new credit agreement (the “Credit Agreement”) governing its $750 million revolving credit facility (the “Revolver”), which matures on March 31, 2031.

View on SEC.gov

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Source: SEC EDGAR

accession 0001140361-26-012536

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