Marvell Technology 8-K

Summary

Marvell entered a new $3.0B revolving credit agreement on 10/22/2026, replacing its prior $1.5B facility. It may increase commitments by up to $2.0B, subject to conditions; no loans were outstanding when the new agreement took effect. Borrowings may fund working capital and general corporate purposes.

Key Figures

• The facility has a five-year maturity from its effective date, with a possible one-year extension subject to conditions. The prior facility was scheduled to mature in 6/2030.
• Borrowing rates are, at Marvell’s election, an alternate base rate plus a 0.0%–0.5% margin, term SOFR or daily SOFR plus a 0.875%–1.5% margin; margins depend on Marvell’s debt ratings. The unused commitment fee is 0.075%–0.20% annually, also based on debt ratings.
• The agreement requires a leverage ratio no greater than 4.00:1.00 at each fiscal quarter-end. Marvell may elect a temporary limit of 4.50:1.00 for the quarter in which it completes an acquisition with at least $500M of aggregate consideration and the following three quarters, subject to limitations.