Milbank LLP represented the lenders for the $325 million second lien term loan facility, such lenders in their participation in the first lien facilities and certain other investors in connection with the take-private acquisition of Cubic Corporation (formerly NYSE: CUB) by private equity firms Veritas Capital and Evergreen Coast Capital Corp, an affiliate of hedge fund Elliot Investment Management LP. The transaction is valued at approximately $3.0 billion, including the assumption of debt.
Based in San Diego, Cubic Corporation is an innovative, technology-driven company operating primarily in the defense and transportation sectors by supplying training technology to the US Armed Forces and allied forces as well as developing Automatic Fare Collection (AFC) systems for mass transit.
The Milbank team was led by New York-based Global Leveraged Finance partner Marcus Dougherty and special counsel Meir Hornung and Capital Markets partner Benjamin Miles, along with Global Leveraged Finance associates Taylor Andrews and Joy-Annette Atsegbua and Tax partner Andrew Walker.
