Hexcel Corporation Announces Proposed Secondary Offering of Shares by Certain of Its Stockholders.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn. -- Hexcel Hexcel is a company based in Stamford, Connecticut that manufactures advanced structural materials. The company was founded in 1946 and its first product was supplying honeycomb for the construction of military bombers. Corporation (NYSE/PCX: HXL) today announced that it intends to file a registration statement with the Securities and Exchange Commission for a proposed secondary offering of 14.5 million shares of Hexcel's common stock, representing approximately 16% of Hexcel's total voting power. An additional 2.175 million shares may be sold if the underwriters exercise their over-allotment option in full. All of the shares being offered will be sold by stockholders of Hexcel. Approximately 8.1 million of the shares will be offered by affiliates of The Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Group, Inc., which together currently own approximately 24% of the total voting power of Hexcel. Approximately 6.4 million of the shares, and any shares sold pursuant to the underwriters' over-allotment option, will be offered by affiliates of Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Greenbriar Equity Group LLC, which together currently own approximately 20% of Hexcel's total voting power. The filing of the registration statement by Hexcel is being made pursuant to the exercise of existing registration rights held by the selling stockholders. Hexcel, which has approximately 55 million shares of common stock outstanding, will not receive any of the proceeds from this proposed offering. Because approximately 76% of the common stock to be sold in this offering (or approximately 79% if the underwriter's over-allotment option is exercised) will be issued as a result of the conversion of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. by the selling stockholders, upon completion of the offering Hexcel will have approximately 66 million shares of common stock outstanding, or approximately 68 million shares outstanding if the underwriters' over-allotment option is exercised in full. Hexcel anticipates that it will file the registration statement shortly. THIS PRESS RELEASE IS NEITHER AN OFFER TO SELL NOR THE SOLICITATION solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual OF AN OFFER TO BUY THE COMMON STOCK, AND SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR SALE IS UNLAWFUL. ANY OFFERS OF THE COMMON STOCK WILL BE MADE ONLY BY MEANS OF A PROSPECTUS INCLUDED IN A REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. |
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