secwatch.observer — SEC 8-K summary
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Issuer:     Marvell Technology, Inc. (MRVL)
CIK:        0001835632
Form:       8-K
Filed at:   2023-04-17T23:59:59+00:00
Accession:  0001193125-23-103639
Event type: debt
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Marvell enters new $1B revolving credit facility; increases borrowing capacity 33%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835632/000119312523103639/0001193125-23-103639-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835632/000119312523103639/d837395d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-103639

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