ARRIS INTERNATIONAL PLC (NASDAQ:ARRS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On April26, 2017, ARRIS International plc (ARRIS or the Company)
and certain of ARRISs subsidiaries entered into a Second
Amendment (the Second Amendment) to its Amended and Restated
Credit Facility dated June18, 2015, as previously amended on
December15, 2015 (the Credit Agreement). The Second Amendment
provides for a new Term B Loan facility in the principal amount
of $545million, the proceeds of which (along with cash on hand)
were used to repay in full the existing Term B Loan facility.
Under the terms of the Second Amendment, the new Term B Loan has
a maturity date of April 2024 and an interest rate of LIBOR (as
defined in the Credit Agreement) plus a percentage ranging from
2.25% to 2.50% for Eurocurrency Loans (as defined in the Credit
Agreement), or the prime rate (as determined in accordance with
the Credit Agreement) plus a percentage ranging from 1.50% to
1.75% for Base Rate Loans (as defined in the Credit Agreement),
in either case depending on the Companys consolidated net
leverage ratio. All other material terms of the Credit Agreement
remain unchanged.
A copy of the Second Amendment is filed as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by
reference.
| Item2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The description of the new Term B Loan facility included in the
Second Amendment set forth in Item1.01 above is incorporated by
reference into this Item 2.03.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 10.1 |
Second Amendment dated April26, 2017 to the Amended and Restated Credit Agreement dated June18, 2015. |
About ARRIS INTERNATIONAL PLC (NASDAQ:ARRS)
ARRIS International plc focuses on entertainment and communications technology. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The CPE segment’s products include Set-Top, Gateway, digital subscriber line (DSL) and Cable Modem, and Embedded Multimedia Terminal Adapter (E-MTA) and Voice/Data Modem. The N&C segment includes various products, such as Infrastructure Products, Global Services and Cloud Solutions. It enables service providers, including cable, telephone, and digital broadcast satellite operators, and media programmers to deliver media, voice and Internet Protocol (IP) data services to their subscribers. It is engaged in offering set-tops, digital video and Internet Protocol Television (IPTV) distribution systems, broadband access infrastructure platforms, and associated data and voice CPE, which it also sells directly to consumers through retail channels. ARRIS INTERNATIONAL PLC (NASDAQ:ARRS) Recent Trading Information
ARRIS INTERNATIONAL PLC (NASDAQ:ARRS) closed its last trading session down -0.02 at 25.89 with 1,255,494 shares trading hands.
