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.
ARRIS: www.arrisi.com
