Elliott-Backed Cubic Revamps Debt in Deal That Adds Fresh Equity

Elliott Investment Managementand Veritas Capital Fund Management-backed Cubic Corp.has reached an agreement with creditors to cut its debt load and extend maturities in a deal that will also see the private equity sponsors inject fresh equity into the struggling company.

As part of the transaction, holders of Cubic’s roughly $1.4 billion term loan B due 2028 will exchange their debt at par for a new first-lien loan that matures a year later, and will also provided new financing, according to people with knowledge of the terms. The deal reconfigures the loan’s repayment order to include new second-out ...