Hexcel Corporation (NYSE: HXL) (Paris: HXL) announced that it plans to redeem its remaining $73.5 million 6.75% senior subordinated notes on June 25, 2012 at a call premium of 1.125%. The senior subordinated notes are due on February 1, 2015. The redemption and related costs will be funded solely from a $75 million add-on to Hexcel’s revolving loan facility that was just completed, increasing the $285 million facility to $360 million. The facility matures in July 2015. The total transaction costs, including the 1.125% call premium, bank fees and related expenses, will be almost $1.5 million. Hexcel expects interest expense will decrease in the first year by nearly $3 million. Hexcel will accelerate the unamortized financing costs related to the notes and expense the call premium incurring a pretax charge of $1.1 million (after tax of $0.01 per diluted share) in the second quarter of 2012. Additionally, the Company entered into interest rate hedges that expire March 2014 to swap the floating LIBOR on the $75 million revolver increase for a fixed rate of 0.67%. As a result, the interest rate for the additional revolver loan will be 2.67% through March 2014. Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications.