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Published on 3/19/2003 in the Prospect News Convertibles Daily.

Arris says greenshoe exercised, raising convertibles to $125 million

New York, March 19 - Arris Group Inc. said the underwriters of its recent offering of 4.5% convertible subordinated notes due 2008 exercised the $20 million overallotment option, raising the size of the deal to $125 million.

The Duluth, Ga. telecom equipment firm originally sold $105 million of the convertibles at par to yield 4.5% with a 41.6% initial conversion premium.

CIBC World Markets was the underwriter of the Rule 144A offering.

Arris said it will use $86.4 million of the offering's proceeds to immediately redeem the outstanding balance of the membership interest currently owned by Nortel Networks. It may use some or all of the remaining proceeds to repurchase, at a discount, as many as possible of the outstanding shares of Arris stock currently owned by Nortel Networks.


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