<SEC-DOCUMENT>0001140361-25-003864.txt : 20250211
<SEC-HEADER>0001140361-25-003864.hdr.sgml : 20250211
<ACCEPTANCE-DATETIME>20250211172527
ACCESSION NUMBER:		0001140361-25-003864
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250211
DATE AS OF CHANGE:		20250211

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEXCEL CORP /DE/
		CENTRAL INDEX KEY:			0000717605
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				941109521
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278173
		FILM NUMBER:		25610975

	BUSINESS ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-969-0666

	MAIL ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEXCEL CORP /DE/
		CENTRAL INDEX KEY:			0000717605
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				941109521
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-969-0666

	MAIL ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ny20042516x2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div>
    <div style="text-align: center;"><u>Final Term Sheet</u></div>
    <div><br>
    </div>
    <div style="text-align: right; font-style: italic;">Dated February 11, 2025</div>
    <div><br>
    </div>
    <div style="text-align: right; font-style: italic;">Relating to</div>
    <div><br>
    </div>
    <div style="text-align: right; font-style: italic;">Preliminary Prospectus Supplement</div>
    <div style="text-align: right; font-style: italic;">dated February 11, 2025 and</div>
    <div style="text-align: right; font-style: italic;">&#160;Prospectus dated March 22, 2024</div>
    <div><br>
    </div>
    <div style="text-align: right; font-style: italic;">Registration No. 333-278173</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">HEXCEL CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">$300,000,000 5.875% Senior Notes due 2035</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3389f6961bfc471d9c18eaf4055cf790" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">Hexcel Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Security:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">5.875% Senior Notes due 2035</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Principal Amount:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">$300,000,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Stated Maturity Date:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">February 26, 2035</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Public Offering Price:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">99.985% of principal amount, plus accrued interest, if any, from February 26, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">5.875% per year</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">5.877%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">+135 basis points</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">UST 4.250% due November 15, 2034</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Price:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">97-26+</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">4.527%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">February 26 and August 26 of each year, beginning on August 26, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Rate Adjustment:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">The interest rate on the notes is subject to adjustment as described in the Preliminary Prospectus Supplement.</div>
          </td>
        </tr>

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          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div>Prior to November 26, 2034 (i.e., three months prior to the stated maturity date) (the &#8220;Par Call Date&#8221;), the Issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price
              (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</div>
            <div>&#160;</div>
            <div>(1) (a) the sum of the present values of the remaining scheduled payments of principal and</div>
            <div>&#160;</div>
            <div>interest on the notes to be redeemed discounted to the relevant redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus
              25 basis points less (b) interest accrued to, but excluding, the relevant redemption date, and</div>
            <div>&#160;</div>
            <div style="text-align: justify;">(2) 100% of the principal amount of the notes to be redeemed,</div>
            <div>&#160;</div>
            <div style="text-align: justify;">plus, in either case, accrued and unpaid interest thereon to, but excluding, such redemption date.</div>
            <div>&#160;</div>
            <div>On or after the Par Call Date, the Issuer may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid
              interest on the principal amount of the notes to be redeemed to, but excluding, the relevant redemption date.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Change of Control Repurchase Obligation:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">If a Change of Control Repurchase Event (as defined in the Preliminary Prospectus Supplement) occurs, unless the Issuer has exercised its option to redeem the notes in full, the Issuer will be required, subject
              to certain exceptions, to make an offer to each holder of notes to repurchase all (or, at the election of such holder, any part) of such holder&#8217;s notes for cash at a repurchase price equal to 101% of the principal amount of the notes to be
              repurchased plus unpaid interest, if any, accrued thereon to, but excluding, the repurchase date.</div>
          </td>
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          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Ratings* (Moody&#8217;s/S&amp;P/Fitch):</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">Baa3 / BB+ / BBB-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">February 11, 2025</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date**:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">February 26, 2025 (T+10)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">428291 AP3 / US428291AP36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">BofA Securities, Inc.</div>
            <div style="text-align: justify;">Goldman Sachs &amp; Co. LLC</div>
            <div style="text-align: justify;">J.P. Morgan Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Senior Co-Managers:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">Citizens JMP Securities, LLC</div>
            <div style="text-align: justify;">TD Securities (USA) LLC</div>
            <div style="text-align: justify;">U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">&#160;</td>
          <td style="width: 51.87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.13%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 51.87%; vertical-align: top;">
            <div style="text-align: justify;">BNP Paribas Securities Corp.</div>
            <div style="text-align: justify;">PNC Capital Markets LLC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">*Note:&#160; A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.&#160; No report of any rating agency is being incorporated by reference herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold;">**</font> The Issuer expects that delivery of the notes will be made to investors on the Settlement Date of February 26, 2025, which will be the tenth business day following the date of
      pricing of the notes (such settlement being referred to as &#8220;T+10&#8221;).&#160; Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in one business day, unless the parties to any such
      trade expressly agree otherwise.&#160; Accordingly, purchasers who wish to trade the notes prior to one business day before the Settlement Date will be required, by virtue of the fact that the notes initially settle in T+10, to specify an alternate
      settlement cycle at the time of any such trade to prevent a failed settlement.&#160; Purchasers of the notes who wish to trade the notes prior to one business day before the Settlement Date should consult their own advisors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">The Issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the &#8220;SEC&#8221;) for the offering to which this communication relates.&#160; Before you make a
      decision to invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC, including the prospectus supplement, for more complete information about the Issuer and this offering.&#160; You may
      get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.&#160; Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus
      supplement if you request it by calling BofA Securities, Inc. toll-free at 1-800-294-1322, Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526 or J.P. Morgan Securities LLC collect at 1-212-834-4533.
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