13.05.2015 00:01:00
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New Arris (UK) -- Moody's rates new Arris debt Ba3
New York, May 12, 2015 -- Moody's Investors Service affirmed Arris Group Inc.'s Ba3 corporate family rating and Ba3-PD probability of default rating and affirmed the Ba3 ratings on its existing first lien debt. Moody's also assigned a Ba3 rating to the proposed Term Loan A-1 which will be used to finance, along with stock and cash on hand, Arris's $2.1 billion acquisition of Pace Plc. At closing, it is anticipated that the corporate family, probability of default and speculative grade liquidity ratings will be transferred to a new UK based entity being set up to be a borrower on the new loan and to effect the acquisition. The outlook is stable.