Cubic Strengthens Financial Flexibility with Restructuring of Debt and Revolver Credit Increase
CUBIC (CUB)
Last cubic earnings: 2/5 04:05 pm
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Source: Business Wire
SAN DIEGO--(BUSINESS WIRE)--Cubic Corporation (NYSE:CUB) today announced it entered into an amended and restated credit agreement, providing Cubic with a new $450 million unsecured term loan and upsizing Cubic’s existing unsecured revolving credit facility from $800 million to $850 million. The maturity date of the revolving credit facility was extended to March 27, 2025 and the maturity date of the new term loan was established as of March 27, 2025. The term loan and any revolving credit facility loans will bear interest at a rate equal to either LIBOR plus a margin of 1.00 percent to 2.00 percent or an Alternate Base Rate plus a margin of 0.00 to 1.00 percent, consistent with the existing revolving credit facility.Proceeds from the new term loan will be used for the early repayment of Cubic’s outstanding private placement and general corporate purposes. Under the new credit agreement, Cubic will be subject to more favorable terms and less restrictive covenants than those of the
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