Marvell Technology, Inc. entered into a Third Amended and Restated Revolving Credit Agreement on October 22, 2026. The agreement, executed by Marvell, the lenders, and Bank of America, N.A. as the administrative agent, establishes a revolving loan facility with a maximum borrowing capacity of $3 billion.
The facility allows Marvell to increase its commitments by an additional $2 billion, subject to certain conditions. The company may use the proceeds for working capital and general corporate purposes. As of the effective date of the agreement, no revolving loans were outstanding.
The agreement amends and restates a previous facility that provided $1.5 billion in revolving credit maturing in June 2030. Under the new terms, amounts borrowed bear interest at an “alternate base rate” plus an applicable margin, a term SOFR rate with a one, three, or six-month term plus a margin, or a daily SOFR rate plus a margin. The applicable margins range from 0.0% to 0.5% for alternate base rate loans and 0.875% to 1.5% for SOFR loans, determined by the company’s debt ratings.
The commitments under the agreement terminate on the fifth anniversary of the effective date, though the company may request a one-year extension. The agreement includes customary covenants, including a requirement to maintain a leverage ratio of no greater than 4.00 to 1.00 as of the end of each fiscal quarter, which may increase to 4.50 to 1.00 under specific acquisition conditions.
