Marvell Technology Expands Revolving Credit Facility to $3 Billion

Overview of Agreement

On October 22, 2026, Marvell Technology, Inc. entered into a Third Amended and Restated Revolving Credit Agreement with Bank of America, N.A. as administrative agent, alongside a syndicate of lenders.

Key Terms & Structure

• Capacity: Increases available revolving commitments from $1.5 billion to $3.0 billion, with an uncommitted accordion feature permitting up to an additional $2.0 billion in commitments subject to lender consent.
• Tenure: Matures in five years (October 2031), with an option to request a one-year extension.
• Pricing: Borrowings bear interest based on Debt Ratings:
  • Alternate Base Rate (ABR) + 0.00% to 0.50%
  • Term SOFR / Daily SOFR + 0.875% to 1.50%
  • Facility commitment fee ranging from 0.075% to 0.20% per annum.
• Financial Covenants: Requires maintenance of a maximum leverage ratio of 4.00 to 1.00, with a temporary step-up to 4.50 to 1.00 for qualifying acquisitions of $500 million or more.
• Current Balance: As of the effective date, no loans were outstanding under the facility.

Strategic Implications

The expanded $3.0 billion facility significantly enhances Marvell's liquidity and financial flexibility, providing ample capacity for general corporate purposes, working capital, and potential strategic acquisition opportunities.