Cubic amends facility to lift revolving credit line to $400 million

By Marisa Wong

Morgantown, W.Va., Feb. 3 – Cubic Corp. amended its second amended and restated credit agreement dated May 8, 2012 with JPMorgan Chase Bank, NA as administrative agent to increase the revolving line of credit limit to $400 million from $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The limit includes up to $200 million for letters of credit.

Commitments under the revolving line of credit terminate on May 8, 2017.

Borrowings bear interest at Libor plus an initial applicable margin of 225 basis points. The applicable margin is generally based on Cubic’s ratio of debt to adjusted EBITDA.

The credit facility contains financial covenants setting a maximum total ratio of debt to adjusted EBITDA and a minimum interest coverage ratio.

Based in San Diego, Cubic provides realistic combat training systems and defense electronics.

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