About Cubic
Cubic creates and delivers technology solutions in transportation that make people’s lives easier by simplifying their daily journeys, and defense capabilities that help promote mission success and safety for those who serve their nation. Led by our talented teams around the world, Cubic is driven to solve global challenges through innovation and service to our customers and partners. For more information, visit www.cubic.com.
Media Contacts:
Cory Shields
Cory.Shields@cubic.com
FGS Global for Cubic :
Cubic-FGS@fgsglobal.com
Transaction to strengthen capital structure and support continued growth and delivery of state-of-the-art customer offerings
SAN DIEGO – July 2, 2025 – Cubic Corporation (“Cubic” or the “Company”) today announced that it has reached an agreement on the terms of a financing transaction (the “Transaction”) under which the Company will raise $275 million in new liquidity and recapitalize the Company’s debt. The Transaction, which is supported by the Company’s existing lenders and sponsors, extends Cubic’s credit maturities, optimizes its capital structure and positions Cubic to further accelerate its long-term growth.
“We appreciate the support of our sponsors and lenders, who, with this investment, have shown a clear vote of confidence in our growth strategy,” said Stevan Slijepcevic, Chairman and Chief Executive Officer of Cubic. “This Transaction provides significant flexibility for us to fuel our strategic investments in innovation and continue growing our leading position in our market, making Cubic an even stronger partner to our government and commercial customers around the world.”
The benefits of the Transaction will include:
• $275 million of new liquidity at closing to support operations and accelerate investment in the Company’s growth initiatives.
o Sponsors providing $170 million of Common Equity, highlighting continued commitment to the business.
• $200+ million of interest savings over the next three years.
• $370 million reduction in total debt.
• Maturity extension on exchanged debt to May 2029.
Following the Transaction, Elliott Investment Management L.P. and Veritas Capital Fund Management, L.L.C. will retain a controlling interest in Cubic. These investors continue to be well positioned to provide strategic counsel and support to the Company. The Transaction, which is subject to obtaining requisite consents and the satisfaction of customary closing conditions, is expected to close in July 2025. Cubic expects to have its capital structure reviewed and re-rated by ratings agencies in the coming weeks.
Cubic Transportation Systems (CTS) is advancing the future of mobility through innovative emerging technologies and industry-leading global partnerships. CTS provides fare payment technology to many of the world’s leading public transportation agencies including those in New York, London, Boston, Chicago, Los Angeles, and Sydney, powering millions of daily journeys. With an eye on the future, CTS recently launched an innovation center in collaboration with Imperial College London to research how AI and machine learning can help solve the most pressing challenges in urban transportation. On the heels of the innovation center, the company unveiled FEnX, a next-generation fare gate designed to improve revenue protection, elevate the passenger experience, and streamline station operations. FEnX reflects CTS's leadership in shaping the future of connected and efficient public transit systems.
Cubic’s diverse defense portfolio includes six specialized business units that provide advanced mission critical technologies across the defense, intelligence, and security sectors. These teams specialize in developing secure communications, digital intelligence and training systems that enhance mission readiness. Cubic's defense offerings include multi-domain networking, edge computing, geospatial intelligence, and live, virtual, and constructive training for both air and ground environments. These solutions are designed to meet the needs of customers operating in complex, austere, multi-domain environments where secure communications, real-time data access and mission readiness are paramount.