SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under The Securities Exchange Act of 1934
Hexcel Corporation
------------------------------------------------------
(Name of Issuer)
Common Stock
------------------------------------------------------
(Title of Class of Securities)
428291108
------------------------------------------------------
(CUSIP Number)
May 8, 2008*
------------------------------------------------------
(Date of Event Which Requires Filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* No change in ownership is being reported on this Schedule 13G. O.S.S.
Capital Management LP, 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 (the "Reporting
Persons") previously filed Schedule 13D and amendments. Because the
Reporting Persons are passive investors, as contemplated by Rule 13d-1 of
the Act, the Reporting Persons are filing this Schedule 13G to effect the
change from filing Schedule 13D to filing Schedule 13G and will hereafter
report their ownership in Hexcel Corporation on Schedule 13G no later than
45 days after December 31 of each year.
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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 15 Pages
CUSIP No. 428291108 13G Page 2 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
O.S.S. Capital Management LP
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,285,900
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,285,900
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,285,900
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.5%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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CUSIP No. 428291108 13G Page 3 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Schafer & Partners I LP
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
205,970
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
205,970
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
205,970
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.2%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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CUSIP No. 428291108 13G Page 4 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Oscar S. Schafer & Partners II LP
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,325,586
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,325,586
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,325,586
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.4%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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CUSIP No. 428291108 13G Page 5 of 15 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
O.S.S. Overseas Fund Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,680,981
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,680,981
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,680,981
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.8%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
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CUSIP No. 428291108 13G Page 6 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
O.S.S. Advisors LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,531,556
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,531,556
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,531,556
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.6%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
CUSIP No. 428291108 13G Page 7 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Schafer Brothers LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,285,900
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,285,900
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,285,900
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.5%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
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CUSIP No. 428291108 13G Page 8 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Oscar S. Schafer
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
5,285,900
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
5,285,900
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
5,285,900
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.5%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
CUSIP No. 428291108 13G Page 9 of 15 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Peter J. Grondin
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
800
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
800
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.0%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
CUSIP No. 428291108 13G Page 10 of 15 Pages
Item 1.
(a) Name of Issuer
Hexcel Corporation (the "Issuer")
(b) Address of Issuer's Principal Executive Offices:
Two Stamford Plaza, 281 Tresser Boulevard,
Stamford, Connecticut 06901-3238
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
O.S.S. Capital Management LP
598 Madison Avenue,
New York, NY 10022
Citizenship: Delaware
Oscar S. Schafer & Partners I LP
598 Madison Avenue,
New York, NY 10022
Citizenship: Delaware
Oscar S. Schafer & Partners II LP
598 Madison Avenue,
New York, NY 10022
Citizenship: Delaware
O.S.S. Overseas Fund Ltd.
c/o SEI Investments Global (Cayman) Limited,
Harbor Place, 5th Floor, South Church Street, PO Box 30464
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands
O.S.S. Advisors LLC
598 Madison Avenue,
New York, NY 10022
Citizenship: Delaware
Schafer Brothers LLC
598 Madison Avenue,
New York, NY 10022
Citizenship: Delaware
Oscar S. Schafer
c/o O.S.S. Capital Management LP
598 Madison Avenue,
New York, NY 10022
Citizenship: United States
Peter J. Grondin
c/o O.S.S. Capital Management LP
598 Madison Avenue,
New York, NY 10022
Citizenship: United States
CUSIP No. 428291108 13G Page 11 of 15 Pages
(d) Title of Class of Securities
Common Stock ("Common Stock")
(e) CUSIP Number
428291108
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check
whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with Rule
13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [x]
Item 4. Ownership
(a) Amount Beneficially Owned
As of the date of this filing, O.S.S. Capital Management LP (the
"Investment Manager"), Schafer Brothers LLC and Oscar S. Schafer may each be
deemed the beneficial owner of (i) 205,970 shares of Common Stock owned by Oscar
S. Schafer & Partners I LP, (ii) 2,325,586 shares of Common Stock owned by Oscar
S. Schafer & Partners II LP and (iii) 2,680,981 shares of Common Stock owned by
O.S.S. Overseas Fund Ltd. (each entity referred to in (i) through (iii) is
herein referred to as a "Fund" and, collectively, as the "Funds"). O.S.S.
Advisors LLC may be deemed the beneficial owner of the shares held by the Funds
listed in (i) and (ii) above. Peter J. Grondin is the beneficial owner of 800
shares of Common Stock owned by him in a personal account. The Investment
Manager has investment discretion over 73,363 shares of Common Stock for the
benefit of a third party in a separately managed account.
CUSIP No. 428291108 13G Page 12 of 15 Pages
The Investment Manager serves as the investment manager and management
company to the Funds and has investment discretion with respect to the shares
beneficially owned by those entities. O.S.S. Advisors LLC is the general partner
of Oscar S. Schafer & Partners I LP and Oscar S. Schafer & Partners II LP and as
such is deemed to have beneficial ownership of their shares. Schafer Brothers
LLC, by virtue of being the general partner of the Investment Manager, may be
deemed to have shared voting power and shared dispositive power with regard to,
and therefore may be deemed to beneficially own (as that term is defined in Rule
13d-3 under the Exchange Act of 1934 (the "Exchange Act")), the stock that the
Investment Manager has investment discretion with respect to. Oscar S. Schafer,
by virtue of being the sole member of Schafer Brothers LLC, may be deemed to
have shared voting power and shared dispositive power with regard to, and
therefore may be deemed to beneficially own (as that term is defined in Rule
13d-3 of the Exchange Act), the stock that the Investment Manager has investment
discretion with respect to. The foregoing should not be construed in and of
itself as an admission by any Reporting Person as to beneficial ownership of
shares of Common Stock owned by another Reporting Person.
(b) Percent of Class
Based upon the Issuer's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2008, the total number of outstanding shares of Common
Stock as of April 28, 2008 was 95,938,253. Therefore, (i) Oscar S. Schafer &
Partners I LP owns approximately 0.21% of the outstanding shares of Common
Stock, (ii) Oscar S. Schafer & Partners II LP owns approximately 2.42% of the
outstanding shares of Common Stock, (iii) O.S.S. Overseas Fund Ltd. owns
approximately 2.79% of the outstanding shares of Common Stock, (iv) O.S.S.
Advisors may be deemed to own 2.64% of the outstanding shares of Common Stock,
(v) each of O.S.S. Capital Management, Schafer Brothers LLC and Oscar S. Schafer
may be deemed to beneficially own approximately 5.51% of the outstanding shares
of Common Stock and (vi) Peter J. Grondin owns approximately 0.0% of the
outstanding shares of Common Stock. The foregoing should not be construed in and
of itself as an admission by any Reporting Person as to beneficial ownership of
shares of Common Stock owned by another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 4(a)
(ii) Shared power to vote or to direct the vote
See Item 4(a)
(iii) Sole power to dispose or to direct the disposition of
See Item 4(a)
(iv) Shared power to dispose or to direct the disposition of
See Item 4(a)
No Change in ownership is being reported in this Schedule 13G.
The ownership of these shares was previously reported on a
Schedule 13D and amendments.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
CUSIP No. 428291108 13G Page 13 of 15 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below each of the undersigned certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
CUSIP No. 428291108 13G Page 14 of 15 Pages
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, each of
the undersigned certifies that the information with respect to it set forth in
this statement is true, complete, and correct.
Dated: May 9, 2008
OSCAR S. SCHAFER
By:/s/ Oscar S. Schafer
--------------------------------------------------
Name: 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
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
CUSIP No. 428291108 13G Page 15 of 15 Pages
SCHAFER BROTHERS LLC
By:/s/ Oscar S. Schafer
--------------------------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
PETER J. GRONDIN
By:/s/ Peter J. Grondin
--------------------------------------------------
Name: Peter J. Grondin, individually