Hexcel Corp. obtains $1 billion credit line

Hexcel Corp. obtains $1 billion credit line

Citizens Bank leads senior unsecured credit facility to expand high-performance materials maker’s liquidity, lower pricing, and extend maturity.

Subscribe

Citizens Commercial Banking is leading a $1 billion senior credit facility for Stamford, Connecticut-based Hexcel Corp.

Founded in 1948, Hexcel is an advanced composites company specializing in the development, manufacturing, and marketing of lightweight, high-performance materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives, and composite structures for use in commercial aerospace, space and defense, and industrial applications.

Hexcel’s products are used in the manufacturing of commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive structures, and other industrial applications.

Citizens acted as Lead Left Arranger, Lead Bookrunner and Administrative Agent in the 12-bank group.

“We have been Citizens clients since 2010, and we always appreciate the value-added ideas and excellent work that the Citizens team provides,” said Patrick Winterlich, CFO of Hexcel.

“Hexcel is a great client, and we’re happy to offer our industry expertise within aerospace and defense as well as our capital markets capabilities to help them achieve their strategic and financial goals,” said Jerry Sargent, Northeast Regional Executive for Citizens Commercial Banking.

Citizens Financial Group Inc., one of the nation’s oldest and largest financial institutions, had $161.3 billion in assets as of March 31, 2019. Headquartered in Providence, Rhode Island, Citizens offers retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.