Marvell Technology signs revolving credit agreement for up to $3 billion

On October 22, 2026, Marvell Technology entered into the Third Amended and Restated Revolving Credit Agreement with a group of lenders and Bank of America, N.A., which acts as administrative agent. The company is the borrower under the agreement.

The agreement amends and restates in its entirety the Second Amended and Restated Revolving Credit Agreement dated as of June 30, 2025, which provided a $1.5 billion revolving credit facility maturing in June 2030. As of the effective date, no revolving loans were outstanding. The company said proceeds may be used for working capital in the ordinary course of business and for general corporate purposes of the company and its subsidiaries.

Borrowings bear interest, at the company's election, at an alternate base rate plus a margin of 0.0% to 0.5%, or at a term SOFR rate for one, three or six months, or a daily SOFR rate, plus a margin of 0.875% to 1.5%. The margins depend on the company's debt ratings. The company must pay each revolving lender an unused commitment fee of 0.075% to 0.20% per annum, which also depends on its debt ratings.

The commitments terminate, and all revolving loans must be repaid, on the fifth anniversary of the effective date. The company said that, subject to certain conditions, it may request that lenders extend the maturity date by one year. Revolving loans can be prepaid in full or in part at any time, subject to customary breakage costs, if applicable.

The company and its subsidiaries must comply, subject to certain exceptions, with customary covenants on liens, mergers and asset dispositions. The company must maintain a leverage ratio of no greater than 4.00 to 1.00 at the end of each fiscal quarter. The company said that, upon notice, the ratio may increase to 4.50 to 1.00 for the fiscal quarter in which an acquisition with aggregate consideration of at least $500 million is consummated and the following three fiscal quarters, subject to certain limitations.