Hexcel Completes Issuance of Notes

STAMFORD, Conn., Jun 29, 2001 - Hexcel Corporation (NYSE/PCX: HXL) today announced that it completed its issuance of $100 million of 9 3/4% senior subordinated notes due 2009 ("Notes") pursuant to Rule 144A of the Securities Act of 1933. This issuance is a tack-on to the $240 million in notes issued in January 1999. The company has used a portion of the proceeds to redeem its Increasing Rate Senior Subordinated Note Due 2003 held by Ciba Specialty Chemicals Holding Inc. The remaining proceeds have been remitted to US Bank Trust, the trustee for Hexcel's publicly held 7% Convertible Subordinated Notes Due 2003, for the express purpose of retiring $67.5 million face value of bonds, plus accrued interest. The redemption price for the bonds is $101.17. The redemption date is August 9, 2001. US Bank Trust as trustee, will determine the method for selecting which bonds will be called for redemption.

The Notes issued today have registration rights but are not 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

Financial:
Stephen C. Forsyth
203/969-0666 ext. 425
stephen.forsyth@hexcel.com

Media:
Michael W. Bacal
203/969-0666 ext. 426
michael.bacal@hexcel.com