Arris terminates revolver on strengthened cash position and balance sheet

By Sara Rosenberg

New York, Dec. 11 - Arris Group Inc. is terminating its credit facility due to a strengthening cash position and balance sheet, according to a company news release.

This move will save the company approximately $900,000 annually in fees and other costs. However, the termination will require that Arris write off approximately $2.3 million in non-cash unamortized fees related to the establishment of the facility.

The company said it has not used the bank facility for almost two years.

Under the asset-based revolver the company was permitted to borrow up to $92.5 million, with an option to increase the size by $25 million under certain conditions, according to a filing with the Securities and Exchange Commission. The facility was set to expire on Aug. 3, 2004.

Arris is a Duluth, Ga. developer and supplier of equipment and technology for the cable system operators and other broadband service providers.

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