SANTA CLARA, Calif.,
June 20, 2018 /PRNewswire/
-- Marvell (NASDAQ:MRVL), a leader in storage, networking
and connectivity semiconductor solutions, today announced that it
priced an offering of $500 million
aggregate principal amount of 4.200% Senior Notes due 2023 and
$500 million aggregate principal
amount of 4.875% Senior Notes due 2028. The debt offering is
subject to customary closing conditions and is expected to close on
or about June 22, 2018. Marvell
intends to use a combination of the net proceeds from the debt
offering, cash on hand, and borrowings under a new term loan
facility to fund the cash consideration and other amounts payable
in connection with Marvell's previously announced acquisition of
Cavium, Inc.
Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Barclays Capital Inc., HSBC Securities
(USA) Inc., MUFG Securities
Americas Inc., and Wells Fargo Securities, LLC are acting as joint
book-running managers.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any debt securities of Marvell
Technology Group Ltd., nor shall there be any sale of debt
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
The debt offering will be made only by means of a prospectus
supplement and accompanying base prospectus forming part of an
effective shelf registration statement. Copies of the prospectus
and prospectus supplement relating to the senior notes may be
obtained for free by visiting EDGAR on the SEC website at
http://www.sec.gov. Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you
the prospectus and the accompanying prospectus supplement if you
request it by calling Goldman Sachs & Co. LLC toll-free at
866-471-2526 or Merrill Lynch, Pierce, Fenner & Smith
Incorporated toll free at 800-294-1322.
About Marvell
Marvell first revolutionized the digital storage industry by moving
information at speeds never thought possible. Today, that same
breakthrough innovation remains at the heart of the company's
storage, networking and connectivity solutions. With leading
intellectual property and deep system-level knowledge, Marvell's
semiconductor solutions continue to transform the enterprise,
cloud, automotive, industrial and consumer markets.
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements generally are identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. These
forward-looking statements may include, but are not limited to,
Marvell's ability to complete the offering and the intended use of
net proceeds. Many factors could cause actual future events
to differ materially from the forward-looking statements in this
document. You should carefully consider the risks and uncertainties
that affect the business of Marvell described in the "Risk Factors"
section of Marvell's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and
the other documents filed by Marvell from time to time with the
SEC. These filings identify and address important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Marvell assumes no obligation and does not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Marvell
does not give any assurance that it will achieve its
expectations.
Marvell and the M logo are registered trademarks of Marvell
and/or its affiliates.
For Further Information Contact:
T. Peter Andrew
Vice President, Treasury and Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell Technology Group Ltd.