ARRIS Provides Details on Convertible Notes Redemption
February 09 2004 - 12:55PM
PR Newswire (US)
ARRIS Provides Details on Convertible Notes Redemption DULUTH, Ga.,
Feb. 9 /PRNewswire-FirstCall/ -- ARRIS today announced that it
mailed to registered holders on February 4, 2004 a notice of
partial redemption on March 8, 2004 of $50 million in principal
amount of its 4-1/2% Convertible Subordinated Notes due 2008
("Called Notes"). The Called Notes were originally issued on March
18, 2003 in the aggregate principal amount of $125 million. The
Called Notes will be selected in accordance with the applicable
procedures of The Depository Trust Company for partial redemptions.
Holders have until the close of business on the day before the
redemption date, to convert the Called Notes into shares of ARRIS
common stock at a price of $5.00 per share (200 shares per $1,000
principal amount of the Notes) rather than accept redemption. Upon
redemption, ARRIS will pay holders of the Called Notes that have
not been converted into common stock $1,000 per $1,000 principal
amount of Notes plus accrued and unpaid interest. In addition to
this redemption price, and in accordance with the terms of the
indenture governing the Notes, ARRIS will pay in shares of its
common stock an interest "make-whole" payment to all holders of the
Called Notes on the date of the redemption notice, including
holders of the Called Notes to be redeemed who convert such Notes
prior to the redemption date. Payment of the redemption price will
be made by The Bank of New York, as trustee, and payment of the
make-whole payment will be made by The Bank of New York, as stock
transfer agent, upon presentation and surrender of the Called Notes
on or after the redemption date by hand or by mail at the address
for the paying agent set forth in the redemption notice. About
ARRIS ARRIS provides broadband local access networks with
innovative high-speed data and telephony systems for the delivery
of voice, video and data to the home and business. ARRIS complete
solutions enhance the reliability and value of converged services
from the network to the subscriber. Headquartered in Duluth,
Georgia, USA, ARRIS has design, engineering, manufacturing,
distribution, service and sales office locations throughout the
world. Information about ARRIS products and services can be found
at http://www.arrisi.com/ . DATASOURCE: ARRIS CONTACT: Jim Bauer,
Investor Relations of ARRIS, +1-678-473-2647, or Web site:
http://www.arrisi.com/
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