Marvell expands revolving credit facility to $3 billion
Marvell Technology, Inc. entered into a Third Amended and Restated Revolving Credit Agreement on October 22, 2026, establishing a borrowing capacity of up to $3 billion. The agreement, filed with the U.S. Securities and Exchange Commission, names Bank of America, N.A. as the administrative agent and replaces a prior facility dated June 30, 2025, which provided for $1.5 billion in revolving credit maturing in June 2030. Under the new terms, the company may increase total commitments by an aggregate of up to $2 billion subject to specific conditions. As of the agreement's effective date, no revolving loans were outstanding. Proceeds from the facility are designated for working capital in the ordinary course of business and general corporate purposes for Marvell and its subsidiaries. The agreement requires the company to maintain a leverage ratio of no greater than 4.00 to 1.00 at the end of each fiscal quarter. This limit may increase to 4.50 to 1.00 for a fiscal quarter in which an acquisition with aggregate consideration of at least $500 million is completed, as well as for the following three fiscal quarters, subject to certain limitations. Interest on borrowed amounts is calculated at the company's election using an alternate base rate or a term or daily Secured Overnight Financing Rate (SOFR), each plus an applicable margin. The margin for alternate base rate loans ranges from 0.0% to 0.5%, while the margin for SOFR-based loans ranges from 0.875% to 1.5%, with actual rates determined by the company's debt ratings. Lenders are paid an unused commitment fee ranging from 0.075% to 0.20% per annum, also based on debt ratings. The commitments terminate on the fifth anniversary of the effective date, though the company may request a one-year extension subject to conditions. The filing was signed by Mark Casper, Marvell's Executive Vice President, Chief Legal Officer and Secretary, on October 23, 2026.
Marvell Technology, Inc. entered into a Third Amended and Restated Revolving Credit Agreement on October 22, 2026, establishing a borrowing capacity of up to $3 billion. The agreement, filed with the U.S. Securities and Exchange Commission, names Bank of America, N.A. as the administrative agent and replaces a prior facility dated June 30, 2025, which provided for $1.5 billion in revolving credit maturing in June 2030. Under the new terms, the company may increase total commitments by an aggregate of up to $2 billion subject to specific conditions. As of the agreement's effective date, no revolving loans were outstanding. Proceeds from the facility are designated for working capital in the ordinary course of business and general corporate purposes for Marvell and its subsidiaries. The agreement requires the company to maintain a leverage ratio of no greater than 4.00 to 1.00 at the end of each fiscal quarter. This limit may increase to 4.50 to 1.00 for a fiscal quarter in which an acquisition with aggregate consideration of at least $500 million is completed, as well as for the following three fiscal quarters, subject to certain limitations. Interest on borrowed amounts is calculated at the company's election using an alternate base rate or a term or daily Secured Overnight Financing Rate (SOFR), each plus an applicable margin. The margin for alternate base rate loans ranges from 0.0% to 0.5%, while the margin for SOFR-based loans ranges from 0.875% to 1.5%, with actual rates determined by the company's debt ratings. Lenders are paid an unused commitment fee ranging from 0.075% to 0.20% per annum, also based on debt ratings. The commitments terminate on the fifth anniversary of the effective date, though the company may request a one-year extension subject to conditions. The filing was signed by Mark Casper, Marvell's Executive Vice President, Chief Legal Officer and Secretary, on October 23, 2026.