SCHEDULE 13D/A
(AMENDMENT NO. 2)
Under the Securities Exchange Act of 1934
Hexcel Corporation
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(Name of Company)
Common Stock
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(Title of Class of Securities)
(Ordinary Shares) CUSIP 428291108
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(CUSIP Number of Class of Securities)
Oscar S. Schafer
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O.S.S. Capital Management LP
598 Madison Avenue
New York, NY 10022
(212) 756-8700
With a copy to:
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 22, 2007
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D/A, and is filing this
schedule because of ss.ss.240.13D -1(e), 240.13D/A-1(f) or 240.13D-1(g), check
the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13D-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 2 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Capital Management LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 5,285,900
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
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10 SHARED DISPOSITIVE POWER
5,285,900
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,285,900
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) (see Item 5)
5.6% (see Item 5)
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 3 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners I LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X]
(b)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 205,970
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
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10 SHARED DISPOSITIVE POWER
205,970
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
205,970
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.22% (see Item 5)
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 4 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners II LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 2,325,586
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,325,586
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,325,586
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.46% (see Item 5)
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 5 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Overseas Fund Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
0
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 2,680,981
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,680,981
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,680,981
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.83% (see Item 5)
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 6 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
O.S.S. Advisors LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 2,531,556
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,531,556
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,531,556
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.67% (see Item 5)
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 7 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Schafer Brothers LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
0
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 5,285,900
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,285,900
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,285,900
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6% (see Item 5)
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 8 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Oscar S. Schafer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 5,285,900
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,285,900
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
5,285,900
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6% (see Item 5)
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 9 OF 14 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Peter J. Grondin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[X]
(b)[ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICALLY 0
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 800
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0% (see Item 5)
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14 TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 10 OF 14 PAGES
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ITEM 1. SECURITY AND ISSUER
Pursuant to Rule 13D-2 promulgated under the Act, this Schedule 13D/A (the
"Amendment No. 2") amends the Schedule 13D filed on April 27, 2007 (Accession
Number 0000902664-07-001570) (the "Original 13D"), as amended by Amendment No. 1
dated July 25, 2007 (Accession Number 0000902664-07-002352) ("Amendment No. 1").
This Amendment No. 2 is being filed by O.S.S. Capital Management LP
("Investment Manager"), Oscar S. Schafer & Partners I LP, Oscar S. Schafer &
Partners II LP, O.S.S. Overseas Fund Ltd., O.S.S. Advisors LLC, Schafer Brothers
LLC, Oscar S. Schafer and Peter J. Grondin. Amendment No. 2 relates to the
ordinary shares ("Ordinary Shares") of Hexcel Corporation, a Delaware
corporation (the "Company").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Original 13D is amended and restated as follows:
The total amount of funds used by the Partnerships and OSS Overseas to
purchase the securities of the Company as described herein was $96 million, and
was furnished from the investment capital of the Partnerships and OSS Overseas.
Included in the total securities beneficially owned by the Investment
Manager, SB LLC and Mr. Schafer were 73,363 Ordinary Shares which were held for
the benefit of a third party in a separately managed account (the "Managed
Account") over which the Investment Manager had investment discretion.
Mr. Grondin has investment discretion over 800 Ordinary Shares purchased
for his personal account.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Original 13D is being amended to add the following:
The Investment Manager contacted the Company on October 22, 2007 to
suggest several candidates for consideration by the Company for appointment or
election to the Board of Directors.
SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 11 OF 14 PAGES
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ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
Item 5 of the Original 13D is being amended and restated as follows:
(a), (b) The following table sets forth the aggregate number and
percentage of the outstanding Ordinary Shares beneficially owned by each of the
Reporting Persons named in Item 2, as of the date hereof. The percentage of the
outstanding Ordinary Shares beneficially owned is based on the 94,647,000
Ordinary Shares (based on calculations made in accordance with Rule 13D-3(d)).
The table also sets forth the number of Ordinary Shares with respect to which
each Reporting Person has the sole power to vote or to direct the vote, shared
power to vote or to direct the vote, sole power to dispose or to direct the
disposition, or shared power to dispose or to direct the disposition, in each
case as of the date hereof.
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Reporting Person Aggregate Number Approximate Number of Number of
of Ordinary Percentage Ordinary Ordinary
Shares Shares: Sole Shares: Shared
Beneficially Power to Vote Power to Vote
Owned or to Dispose or to Dispose
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Investment Manager 5,285,900 5.6% 0 5,285,900
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OSS I 205,970 .22% 0 205,970
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OSS II 2,325,586 2.46% 0 2,325,586
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OSS Overseas 2,680,981 2.83% 0 2,680,981
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General Partner 2,531,556 2.67% 0 2,531,556
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SB LLC 5,285,900 5.6% 0 5,285,900
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Mr. Schafer 5,285,900 5.6% 0 5,285,900
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Managed Account 73,363 .1% 0 73,363
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Mr. Grondin 800 0% 800 0
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The purchase of the Ordinary Shares were effected in the open market.
The Investment Manager, the General Partner, SB LLC, Mr. Schafer and Mr. Grondin
expressly declare that this filing shall not be construed as an admission that
any of them is, for the purposes of sections 13(d) or 13(g) of the Act, the
beneficial owner of any securities covered by this filing.
SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 12 OF 14 PAGES
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(c) Except for the transactions set forth below, during the last sixty
days the Reporting Persons have effected no transactions with respect to the
Ordinary Shares.
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Reporting Person Date Buy or Number of Price Per
Sell Ordinary Shares Share
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OSS I 10/17/2007 Buy 9,896 $22.10
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OSS I 10/22/2007 Buy 2,413 $20.60
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OSS I 10/22/2007 Buy 990 $20.23
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OSS II 10/17/2007 Buy 111,667 $22.10
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OSS II 10/22/2007 Buy 151,058 $20.60
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OSS II 10/22/2007 Buy 11,167 $20.23
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OSS Overseas 10/17/2007 Buy 128,437 $22.10
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OSS Overseas 10/22/2007 Buy 46,529 $20.60
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OSS Overseas 10/22/2007 Buy 12,843 $20.23
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(d) (i) The limited partners and the General Partner of the Partnerships,
(ii) the shareholders and the advisor of OSS Overseas and (iii) the third party
which has beneficial ownership over the Managed Account have the right to
participate in the receipt of dividends from, and the proceeds from the sale of,
the securities held for the Partnerships and OSS Overseas, respectively.
(e) Not applicable.
SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 13 OF 14 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: October 23, 2007
OSCAR S. SCHAFER
By:/S/ OSCAR S. SCHAFER
----------------------------
Oscar S. Schafer, individually
O.S.S. CAPITAL MANAGEMENT LP By: Schafer Brothers LLC, as General Partner
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
OSCAR S. SCHAFER & PARTNERS I LP
By: O.S.S. Advisors LLC, as General Partner
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
SCHEDULE 13D/A
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CUSIP NO. 428291108 PAGE 14 OF 14 PAGES
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OSCAR S. SCHAFER & PARTNERS II LP
By: O.S.S. Advisors LLC, as General Partner
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
O.S.S. OVERSEAS FUND LTD.
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Director
O.S.S. ADVISORS LLC
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
SCHAFER BROTHERS LLC
By:/S/ OSCAR S. SCHAFER
----------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
PETER J. GRONDIN
By:/S/ PETER J. GRONDIN
----------------------------
Peter J. Grondin, individually