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Fleet Capital Provides $115 Million Asset-Based Credit Facility to Hexcel Corporation

  • Sunday, 23rd March 2003
  • Reading time: less than a minute

Fleet Capital Corporation has served as agent for a $115 million revolving credit facility to Hexcel Corporation. Fleet Securities, Inc. was sole lead arranger of the revolving credit and was co-manager for Hexcel’s $125 million senior secured high yield bond issuance.

“”Fleet brought together a complete financing package–an asset-based loan, a high yield bond placement and risk management solutions that met the unique needs of our multinational business,”” said Hexcel Chairman and CEO, David E. Berges. “”This loan structure also enabled us to maximize our total borrowing capacity by incorporating assets from our foreign subsidiaries.””

“”An asset-based loan structure offered Hexcel increased flexibility and liquidity,”” said Fleet Capital President and CEO James G. Connolly. “”This refinancing addresses the company’s need for capital resources to manage its business through difficult economic times.””

“”Our knowledge of Hexcel, its industry and the asset-based loan syndication market allowed us to successfully structure and syndicate this transaction,”” said Fleet Securities, Inc. Managing Director, Chris Carmosino.

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