New Issue: Marvell prices $1 billion senior notes in two parts due 2029, 2033

By Marisa Wong

Los Angeles, Sept. 11 – Marvell Technology, Inc. priced $1 billion of senior notes (expected: Baa3/BBB-/BBB-) in two parts on Monday, according to an FWP filing with the Securities and Exchange Commission.

Marvell priced $500 million of 5.75% senior notes due Feb. 15, 2029 at 99.708 to yield 5.815%, or with a spread of 140 basis points over Treasuries.

The company also priced $500 million of 5.95% 10-year senior notes at 99.348 to yield 6.038%, or with a spread of 175 bps over Treasuries.

The notes will feature an optional make-whole call, followed by an optional par call. The par call date is one month prior to maturity for the 2029 notes and three months prior to maturity for the 2033 notes.

Should there be a change of control, the notes will be putable at 101.

J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Barclays are the joint bookrunners.

Proceeds will be used to repay debt, including amounts outstanding under the company’s term loans due 2024 and a revolver. Any remaining funds will be used for working capital, to pay dividends, to pay capital expenditures or to repurchase common shares or for acquisitions.

Marvell is a Wilmington, Del.-based supplier of data infrastructure and semiconductor solutions.

Issuer:	Marvell Technology, Inc.
Amount:	$1 billion
Issue:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and Barclays
Co-managers:	BNP Paribas Securities Corp., Academy Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Truist Securities, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Weil, Gotshal & Manges LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Put option:	At 101 upon change of control
Trade date:	Sept. 11
Settlement date:	Sept. 18
Expected ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
2029 notes
Amount:	$500 million
Maturity:	Feb. 15, 2029
Coupon:	5.75%
Price:	99.708
Yield:	5.815%
Spread:	Treasuries plus 140 bps
Call option:	Make-whole call at Treasuries plus 25 bps prior to Jan. 15, 2029; then par call
Cusip:	573874AP9
2033 notes
Amount:	$500 million
Maturity:	Sept. 15, 2033
Coupon:	5.95%
Price:	99.348
Yield:	6.038%
Spread:	Treasuries plus 175 bps
Call option:	Make-whole call at Treasuries plus 30 bps prior to June 15, 2033; par call after that
Cusip:	573874AQ7

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