Marvell announces final results of exchange offer for two series

Chicago, May 3 – Marvell Technology, Inc. announced on Monday the final results of its exchange offers for two series of notes originally issued by parent company Marvell Technology Group Ltd., according to a press release.

The company was offering to exchange any and all of Marvell Technology Group’s $500 million outstanding of 4.2% senior notes due 2023 (Cusip: 57385LAA6) and $500 million outstanding of 4.875% senior notes due 2028 (Cusip: 57385LAB4) for up to $500 million of new 4.2% senior notes due 2023 and up to $500 million of new 4.875% senior notes due 2028, respectively. The new notes will be issued by Marvell Technology, Inc.

There were also related consent solicitations.

Both the exchange offers and consent solicitations expired at 11:59 p.m. ET on April 30.

As of the expiration date, $913,344,000 total from the two series had been tendered and not withdrawn. Specifically, $433,865,000, or 86.77%, of the 4.2% notes and $479,479,000, or 95.9%, of the 4.875% notes were tendered for exchange.

Upon settlement on May 4, the company will issue $433,817,000 of new 4.2% notes and $479,394,000 of new 4.875% notes. Additionally, noteholders will receive a $1.00 consent fee paid in cash.

As announced on April 5, in connection with the upcoming acquisition of Inphi Corp., the company was seeking consents to amend each series of notes.

The company obtained the necessary consents as of the early participation deadline at 5 p.m. ET on April 16 and has since executed a supplemental indenture effecting the proposed changes.

The amendments eliminate substantially all of the restrictive covenants in the indenture, eliminate any restrictions on Marvell from merging into any other person or conveying, transferring or leasing all or any of its properties and assets to any person and eliminate some of the events that may lead to an event of default.

D.F. King & Co., Inc. (866 796-6867, 212 269-5550, marvell@dfking.com) is the exchange agent and information agent.

Marvell is a Hamilton, Bermuda-based provider of storage, networking and connectivity solutions.

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