By Paul A. Harris
St. Louis, March 7 - Hexcel Corp. priced $125 million of 9 7/8% senior secured notes due 2008 (B3/B) at 98.952 on Friday to yield 10 1/8%, according to a market source.
Price talk was 10 1/8%-10 3/8%.
Goldman Sachs & Co. was the bookrunner. Fleet Securities was co-manager.
Proceeds from the Rule 144A deal will be used to refinance senior debt.
The issuer is a Stamford, Conn.-based structural materials manufacturer.
Issuer: Hexcel Corp.
| Amount: | $125 million
|
| Maturity: | 2008
|
| Security description: | Senior secured notes
|
| Bookrunner: | Goldman Sachs
|
| Co-manager: | Fleet Securities
|
| Coupon: | 9 7/8%
|
| Price: | 98.952
|
| Yield: | 10 1/8%
|
| Spread: | 757 basis points
|
| Call features: | Non-callable for three years
|
| Equity clawback: | For three years for 35% at 109.875
|
| Settlement date: | March 19, 2003
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Rule 144A Cusip: | 428291AF5
|
| Price talk: | 10 1/8%-10 3/8%
|
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