8-K
filed April 17, 2023, 7:59 PM ET
ticker MRVL
CIK 0001835632
debt
confidence high
sentiment positive
materiality 0.55
Marvell Technology, Inc. (MRVL): debt financing — Marvell enters new $1B revolving credit facility; increases borrowing capacity 33%
Marvell Technology, Inc.
- New $1.0B revolving credit facility matures in 2028; replaces prior $750M facility due 2025.
- Interest rate based on Adjusted Term SOFR plus margin (initially 1.375%); commitment fee 0.175% on unused amount.
- Financial covenant requires leverage ratio ≤ 4.00x; aligns with amendment to existing JPMorgan credit agreement.
- Proceeds used for general corporate purposes; facility can be prepaid without premium or penalty.
- First Amendment to existing credit agreement adopts SOFR interest rates and conforms leverage covenant.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Marvell Technology, Inc. amended credit facility with JPMorgan Chase Bank, N.A., as the administrative agent.
- Instrument
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A., as the administrative agent
- Event
- amendment
Exact text from the filing
The Amendment amends and modifies the Existing Credit Agreement to, among other things, adopt SOFR interest rates and conform the maximum leverage ratio financial covenant with the Revolving Credit Agreement
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Marvell Technology, Inc. amended revolving credit of up to $1.0 billion at adjusted term SOFR rate plus a margin based on ratings, which margin initially e maturing fifth anniversary of the date of execution of the Revolving Credit Agreement.
- Instrument
- revolving credit
- Principal
- up to $1.0 billion
- Rate
- adjusted term SOFR rate plus a margin based on ratings, which margin initially e
- Maturity
- fifth anniversary of the date of execution of the Revolving Credit Agreement
- Event
- amendment
Exact text from the filing
The Revolving Credit Agreement provides for borrowings of up to $1.0 billion in the form of revolving loans
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Marvell Technology, Inc. entered into Revolving Credit Agreement with Bank of America, N.A., as the administrative agent valued at up to $1.0 billion (effective 2023-04-14).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., as the administrative agent
- Value
- up to $1.0 billion
- Effective
- 2023-04-14
Exact text from the filing
On April 14, 2023, Marvell Technology, Inc. (“ Marvell ” or the “ Company ”) entered into an amended and restated revolving credit agreement by and among Marvell, the lenders party thereto (each, a “ Revolving Lender ”) and Bank of America, N.A., as the administrative agent (the “ Revolving Credit Agreement ”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Marvell Technology, Inc. amended First Amendment to Credit Agreement with JPMorgan Chase Bank, N.A., as the administrative agent (effective 2023-04-14).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A., as the administrative agent
- Effective
- 2023-04-14
Exact text from the filing
On April 14, 2023, Marvell entered into First Amendment to Credit Agreement by and among Marvell, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (the “ Amendment ”).
View on SEC.gov
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