06/10/2016
Citizens Bank leads $700 million credit facility for Hexcel Corporation
High-performance materials maker amends credit facility to lower pricing and extend maturity
STAMFORD, CT – Citizens Bank announced today that Citizens Commercial Banking is leading a $700 million senior credit facility for Stamford, CT-based Hexcel Corporation.
Founded in 1948, Hexcel is a leading 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 a wide variety of applications such as the manufacturing of commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive structures and a wide variety of other industrial applications.
A Citizens client since 2010, Hexcel will use the financing for general corporate purposes.
Citizens was Lead Left Arranger, Lead Bookrunner and Administrative Agent in the 12-bank group.
“Hexcel has been a great client, and we’re happy to be able 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 Daniel K. Fitzpatrick, Head of MidCorporate and Industry Verticals at Citizens Bank.
For more information, go to Citizens Commercial Banking.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $140.1 billion in assets as of March 31, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A. and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
