Daily News: December 28, 2017

BofA Agents New Credit Amendment for ARRIS


According to an 8-K filing, ARRIS International amended its 2015 credit facility, with Bank of America serving as administrative agent.

The amendment provided for a new term B loan facility in the principal amount of $5.42275 million, the proceeds of which (along with cash on hand) were used to repay in full the existing term B loan facility. The maturity date of the new facility remains April 26, 2024, but has a new interest rate of LIBOR plus a percentage ranging from 2.00% to 2.25% for Eurocurrency loans or the prime rate plus a percentage ranging from 1.00% to 1.25% for base rate loans in either case depending on ARRIS’s consolidated net leverage ratio. The amendment also increased the amount of cash that can be used to offset indebtedness in the calculation of the consolidated net leverage ratio to $5 million.

All other material terms of the credit agreement remain unchanged.

ARRIS International offers set-tops, digital video and Internet Protocol Television (IPTV) distribution systems, broadband access infrastructure platforms, and associated data and voice CPE to telecom service providers.