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Marvell Technology enters $1 billion amended and restated revolver
By Wendy Van Sickle
Columbus, Ohio, April 17 – Marvell Technology, Inc. entered into an amended and restated credit agreement on April 14 for up to $1 billion of revolving loans, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement amends and restates the Dec. 7, 2020 credit agreement that provided for a $750 million revolver maturing in December 2025.
Borrowings bear interest at an adjusted term SOFR plus a ratings-based margin that is initially 137.5 basis points and ranges from 112.5 bps to 187.5 bps. The commitment fee on daily unused amounts is also based on ratings and ranges from 10 bps to 27.5 bps. It is initially 17.5 bps.
The amounts borrowed must be paid in full on the fifth anniversary of the execution of the revolver.
Bank of America, NA is the administrative agent. BofA Securities, Inc., JPMorgan Chase Bank, NA, Citibank, NA, Goldman Sachs Bank USA, HSBC Bank USA, NA, MUFG Bank Ltd., Wells Fargo Securities, LLC and Sumitomo Mitsui Banking Corp. are the joint lead arrangers and bookrunners.
Citibank, Goldman Sachs, HSBC, MUFG, Wells Fargo and Sumitomo are the documentation agents. JPMorgan is the syndication agent.
Proceeds may be used for general corporate purposes.
The credit agreement requires that the company maintain a leverage ratio not exceeding 4.00 to 1.00.
Also on April 14, the company amended its existing credit agreement dated Dec. 7, 2020 to adopt SOFR interest rates and conform the maximum leverage ratio financial covenant with the revolver.
Marvell is a Wilmington, Del.-based provider of storage, networking and connectivity solutions.
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