Arris calls remaining $75 million of convertible notes

By Jennifer Chiou

New York, May 31 - Arris announced Tuesday that it mailed a June 29 notice of redemption for its remaining $75 million of 4.5% convertible subordinated notes due 2008.

Holders have until the close of business June 28 to convert the notes into shares of Arris common stock at a price of $5.00 per share in lieu of the redemption.

Unconverted called notes will be redeemed at par plus accrued interest.

As required by the note indenture, Arris will pay an interest "make-whole" payment in stock to all holders of the notes, including those who convert the notes prior to the redemption date. The make-whole payment is estimated at $2.5 million.

Atlanta-based Arris provides broadband local access networks with high-speed data and telephone systems for the delivery of voice, video and data to the home and business.

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