Summary
Marvell Technology, Inc. (MTI) announced the successful completion of its private exchange offers for its outstanding Senior Notes. The company issued new 4.200% Senior Notes due 2023 and 4.875% Senior Notes due 2028, totaling approximately $913 million in aggregate principal amount. These new notes are part of a larger $1.0 billion offering and were issued under a Second Supplemental Indenture, replacing existing Marvell debt. The interest rates and maturity dates for the new notes are clearly defined, with semi-annual interest payments commencing June 22, 2021. This refinancing initiative allows Marvell to extend its debt maturity profile and manage its capital structure more effectively. The company has the option to redeem these notes under specific terms, including a 'Par Call' provision before certain dates, after which redemption is at par value plus accrued interest. The filing also includes a press release detailing the final results of the exchange offers and consent solicitations, emphasizing the company's ongoing efforts to optimize its financial obligations.
Key Highlights
- 1Marvell Technology, Inc. completed private exchange offers for its Senior Notes due 2023 and 2028.
- 2Issued approximately $913 million in aggregate principal amount of new 4.200% Senior Notes due 2023 and 4.875% Senior Notes due 2028.
- 3The new notes are governed by a Second Supplemental Indenture, replacing previous Marvell debt.
- 4Interest on the new notes accrues from December 22, 2020, with semi-annual payments starting June 22, 2021.
- 5The 2023 Notes mature on June 22, 2023, and the 2028 Notes mature on June 22, 2028.
- 6MTI has the option to redeem the notes, with specific call provisions outlined, including 'Par Call' dates.
- 7The company issued a press release on May 3, 2021, announcing the final results of the exchange offers and consent solicitations.