Marvell Technology Enters into $3 Billion Amended and Restated Credit Agreement

Marvell Technology announced it has entered into a new Third Amended and Restated Revolving Credit Agreement, providing for a $3 billion revolving credit facility. This new agreement replaces the company's previous $1.5 billion facility, effectively doubling its borrowing capacity for working capital and general corporate purposes.

Key Details

• New Facility: Establishes a $3 billion revolving credit facility, which can be increased by an additional $2 billion, replacing the previous $1.5 billion facility dated June 30, 2025.
• Terms & Maturity: The agreement has a five-year term, maturing on October 22, 2031. Borrowings will bear interest based on SOFR or an alternate base rate, with margins tied to Marvell's debt ratings. No loans were outstanding at the time of the agreement.
• Financial Covenants: Requires Marvell to maintain a leverage ratio of no greater than 4.00 to 1.00, with a temporary increase to 4.50 to 1.00 permitted for four quarters following an acquisition of at least $500 million.