DULUTH,ARRIS, a developer of broadband access and high-speed data products, raised $125 million in subordinated debt that will be due in 2008.
ARRIS (Nasdaq: ARRS) had announced plans to raise $105 million on March 13. The additional money was an exercise of an over allotment option granted to CIBC World Markets, ARRIS said.
Some $86 million will be used to buy interests of Nortel in the firm. The company said portions of the other proceeds may be used to purchase additional shares owned by Nortel.