SUWANEE, Ga., June 2, 2014 /PRNewswire/ -- ARRIS Group, Inc.,
(NASDAQ: ARRS) a global telecommunications technology leader, today
announced that on Thursday, May 29,
2014, it completed an optional principal prepayment of its
senior secured credit facilities in the amount of $150 million. As a result of the prepayment, the
Company's total outstanding indebtedness at face value as of
May 31, 2014 was $1,589 million, comprised of $1,045 million under the Term Loan A and
$544 million under the Term Loan
B.
Since acquiring the Motorola Home business from Google on
April 17, 2013, ARRIS has
successfully deleveraged its balance sheet through the redemption
of convertible notes and through mandatory and optional payments of
its senior secured credit facilities totaling $568 million. At the end of the fourth
quarter 2013 the Company's leverage ratio declined to 2.77, and as
a result pursuant to the terms of the Company's credit facilities,
the interest rate on the Term Loan A debt declined by 25 basis
points.
"This prepayment demonstrates our confidence in the Company's
performance and the progress we have made over the past year. ARRIS
is committed to its capital allocation strategy and will
effectively use excess cash to enhance shareholder value,"
David Potts, ARRIS EVP and CFO,
said.
About ARRIS
ARRIS is a global innovator in IP, video and broadband
technology. We have continually worked with our customers to
transform the experience of entertainment and communications for
millions of people across the world. The people of ARRIS are
dedicated to the success of our customers, bringing a passion for
invention that has fueled our 60-year history: We created digital
TV, delivered the first wireless broadband gateway and
are pioneering the standards and pathways for tomorrow's
personalized, Ultra HD, multiscreen, and cloud services. We are
dedicated to meeting today's challenges and preparing for the tasks
the future holds. Collaborating with our customers, ARRIS will
continue to solve the most pressing challenges of 21st century
communications. Together, we are inventing the future. For
more information: www.arrisi.com.
For the latest ARRIS news:
- Check out our Blog: ARRIS EVERYWHERE
- Follow us on Twitter @ARRIS EVERYWHERE
SOURCE ARRIS Group, Inc.