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Hexcel Offers $100 Million Senior Subordinated Notes in Debt Refinancing

STAMFORD, Conn.--(BUSINESS WIRE)--June 18, 2001--Hexcel Corporation (NYSE/PCX: HXL) today announced that it entered into an agreement on Friday, June 15 to issue $100 million of 9 3/4% senior subordinated notes due 2009 ("Notes") pursuant to Rule 144A of the Securities Act of 1933. This offering is a tack-on to the $240 million in notes issued in January 1999. Hexcel expects the offering to close on June 29, 2001 after satisfaction of a senior lender consent condition in the offering. The proceeds will be used to redeem up to $70 million of its publicly held 7% Convertible Subordinated Notes Due 2003 on or about August 9, 2001 and its Increasing Rate Senior Subordinated Note Due 2003 held by Ciba Specialty Chemicals Holding Inc.

The Notes issued pursuant to the offering will have registration rights but will not be initially registered under the Securities Act of 1933, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes.

Hexcel Corporation is the world's leading advanced structural materials company. It designs, manufactures and markets lightweight, high reinforcement products, composite materials and engineered products for use in commercial aerospace, space and defense, electronics, general industrial, and recreation applications.


CONTACT: Hexcel Corporation, Stamford
Stephen C. Forsyth, 203/969-0666 ext. 425
or Media:
Michael W. Bacal, 203/969-0666 ext. 426