SUWANEE, Ga., Nov. 18, 2013 /PRNewswire/ -- ARRIS Enterprises,
Inc., a wholly owned subsidiary of ARRIS Group, Inc. (NASDAQ:
ARRS), today announced the expiration of the tender offer for any
and all of its outstanding 2.00% Convertible Senior Notes due 2026
(CUSIP No. 04269QAC4) (the "Notes"). Pursuant to the terms of the
Notes and the indenture governing the Notes, each holder of the
Notes had the right to require ARRIS Enterprises to purchase on
November 15, 2013 all or part of such
holder's Notes at a price equal to 100% of the principal amount of
the Notes. The repurchase price did not include the interest
accrued up to November 15, 2013,
which was paid separately to the holders of the Notes of record as
of November 1, 2013. As of the
expiration of the tender offer, Notes in the aggregate principal
amount of $30,000 were validly
tendered and not validly withdrawn. ARRIS Enterprises
accepted for purchase all of these Notes.
ARRIS Enterprises also announced today the expiration of the
option of each holder of the Notes to convert the Notes.
Pursuant to the terms of the Notes and the indenture, each holder
of the Notes had the right to convert the Notes from October 15, 2013 to November 15, 2013 for the consideration provided
for in the indenture. As of the expiration of the conversion
option, Notes in the aggregate principal amount of $231,197,000 were validly surrendered for
conversion.
Following the purchase of the Notes pursuant to the repurchase
option and the conversion of the Notes pursuant to the conversion
option, $744,000 in aggregate
principal amount of the Notes remained outstanding. As
previously announced, ARRIS Enterprises redeemed all of these
remaining Notes at a price equal to 100% of the principal amount of
the Notes. The redemption price did not include the interest
accrued up to November 15, 2013,
which was paid separately to the holders of the Notes of record as
of November 1, 2013.
About ARRIS
ARRIS is a premier video and broadband
technology company that transforms how service providers worldwide
deliver entertainment and communications without boundaries. Its
powerful end-to-end platforms enable service and content providers
to improve the way people connect – with each other and with their
favorite content. The Company's vision and expertise continue to
drive the industry's innovations, as they have for more than 60
years. Headquartered north of Atlanta, in Suwanee,
Georgia, ARRIS has R&D, sales and support centers
throughout the world. For more information: www.arrisi.com.
Forward-Looking Statements
This press release
contains forward looking statements. Statements regarding future
events are based on the parties' current expectations. Actual
results may differ materially from those suggested by any
forward-looking statement. Forward-looking statements are
necessarily subject to associated risks. Factors that could
cause results to differ from current expectations include: the
uncertain current economic climate and financial markets, and their
impact on our customers' plans and access to capital; the impact of
rapidly changing technologies; the impact of competition on product
development and pricing; the ability of ARRIS to react to changes
in general industry and market conditions; rights to intellectual
property and the current trend toward increasing patent litigation,
market trends and the adoption of industry standards; possible
acquisitions and dispositions; and consolidations within the
telecommunications industry of both the customer and supplier base.
These factors are not intended to be an all-encompassing list of
risks and uncertainties that may affect the Company's business.
Additional information regarding these and other factors can be
found in ARRIS' reports filed with the Securities and Exchange
Commission, including its Form 10-Q for the third quarter ended
September 30, 2013. In providing
forward-looking statements, the Company expressly disclaims any
obligation to update publicly or otherwise these statements,
whether as a result of new information, future events or
otherwise.
SOURCE ARRIS