Arris Group reorganization triggers conversion on 2% convertibles

By Tali David

Minneapolis, April 12 - Arris Group, Inc. said its 2% convertible senior notes due 2026 are now convertible through May 29, according to a press release.

The conversion option was triggered because Arris plans to reorganize its business by creating a new holding company structure.

The primary purpose of the reorganization is to facilitate Arris' previously announced proposed acquisition of the Motorola Home business from a subsidiary of Google, which Arris expects to close on April 17. The business operations of Arris and its subsidiaries will not change as a result of the reorganization, the release said.

Pursuant to the reorganization, Arris will be renamed Arris Enterprises, Inc. and will become a wholly owned subsidiary of the new holding company.

Each of the outstanding shares of the capital stock of Arris will be converted automatically into one identical share of the new holding company.

The new holding company will be named Arris Group, Inc.

The anticipated effective date of the reorganization is April 16.

The Bank of New York Mellon Trust Co., NA is the trustee.

Arris is a Suwanee, Ga.-based communications technology company.

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