Marvell prices $1B senior notes offering, upsizes revolver to $1.5B

Marvell Technology, Inc.

Issued $500M 4.750% notes due 2030 and $500M 5.450% notes due 2035; net proceeds ~$992.3M.
New $1.5B revolver (up from $1.0B) matures June 2030; replaces existing facility from April 2023.
Proceeds to repay 2026 term loans, revolver, and 2026 senior notes; remainder for general corporate.
Notes priced at 99.304% (2030) and 99.163% (2035) of par; underwriters include JPM, BofA, Wells.
Leverage ratio covenant set at ≤4.00x; interest spreads vary with debt ratings (Level 1–5).

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