Cubic US$2.5bn take-private debt financing (Veritas Capital and Evergreen)
Fund the acquisition of Cubic by Atlas CC Acquisition Corp. (Veritas Capital Fund VII, with Evergreen Coast Capital) and refinance Cubic's existing credit agreement
Key terms
- Borrower or issuer
- Cubic
- Date
- 7 Feb 2021
- Type
- Acquisition finance
- Amount
- US$2.5bn
Recorded terms
- Structure
- Committed senior secured first-lien facilities of US$2,175m (US$1,475m term loan B, US$300m term loan C for letters of credit, US$175m letter of credit facility, US$225m revolver) and a US$325m second-lien term loan; commitment letter amended and restated 4 March 2021
- Lenders and arrangers
- Debt commitment parties: Barclays, Credit Suisse, PSP Investments Credit, Bank of Montreal (BMO Capital Markets), KKR Capital Markets and KKR Credit Advisors, Mizuho, Royal Bank of Canada (RBC Capital Markets), Truist, and Blackstone Alternative Credit Advisors (BSOF funds)
- Country
- United States
Parties
- Cubic borrower or issuer
- Lenders: Barclays, Credit Suisse, Mizuho, RBC Capital Markets, BMO Capital Markets, Truist
- Private credit: Blackstone Credit, KKR Credit, PSP Investments Credit
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 18 Feb 2021 | Peraton US$5.0bn debt financing for the Perspecta acquisition (Veritas Capital) | Acquisition finance | US$5.03bn |
| 19 Feb 2021 | AeroVironment US$300m credit facilities for the Arcturus UAV acquisition | Acquisition finance | US$300m |
| 4 Mar 2021 | Teledyne US$2.15bn term loan and revolver for the FLIR acquisition | Acquisition finance | US$2.15bn |
| 22 Mar 2021 | Teledyne US$3,000m notes (5 tranches) to fund the FLIR acquisition | Acquisition finance | US$3bn |
| 2 Jul 2021 | SAIC US$100m incremental term loan for Halfaker | Acquisition finance | US$100m |
Sources
- Cubic definitive merger proxy statement (DEFM14A): debt financing sec.gov · 26 Mar 2021
- Cubic Form 8-K: merger agreement and debt commitment letter sec.gov · 9 Feb 2021
About this record
Record DEF-2021-0024, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Acquisition debt is committed before signing, often as a bridge, and refinanced with bonds or term loans once the deal closes.
