Arris Group prepays $150 million of senior secured credit facilities

By Marisa Wong

Madison, Wis., June 2 - Arris Group, Inc. said it made a $150 million optional principal prepayment of its senior secured credit facilities on Thursday.

As a result of the prepayment, the company's total outstanding debt as of Saturday was $1.59 billion, comprised of $1.05 billion under its term loan A and $544 million under its term loan B.

Since acquiring the Motorola Home business from Google on April 17, 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, according to a company press release.

At the end of the fourth quarter of 2013, the company's leverage ratio declined to 2.77 times, and, as a result, the interest rate on the term loan A debt was decreased by 25 basis points.

Arris is a telecommunications equipment manufacturing company based in Suwanee, Ga.

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