Marvell Technology Group Ltd. Announces Closing of $2 Billion Senior Notes Offering

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[{"type":"text","content":"SANTA CLARA, Calif., April 12, 2021 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL) (\"Marvell\") announced today that its wholly owned subsidiary, Marvell Technology, Inc. (\"MTI\"), has closed its previously announced offering of: (i) $500,000,000 aggregate principal amount of 1.650% Senior Notes due 2026 (the \"2026 Notes\"), (ii) $750,000,000 aggregate principal amount of 2.450% Senior Notes due 2028 (the \"2028 Notes\") and (iii) $750,000,000 aggregate principal amount of 2.950% Senior Notes due 2031 (the \"2031 Notes\" and, together with the 2026 Notes and the 2028 Notes, the \"Notes,\" and such offering, the \"Notes Offering\"). The Notes were sold pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), to purchasers in the United States and pursuant to Regulation S under the Securities Act to purchasers outside of the United States. \nThe Notes Offering was conducted in connection with the previously announced proposed acquisition of Inphi Corporation (\"Inphi\"), which is currently expected to close in April 2021, pending approval by Inphi's stockholders and Marvell's shareholders, as well as satisfaction of customary closing conditions. Pursuant to the Agreement and Plan of Merger and Reorganization, dated October 29, 2020 (the \"Merger Agreement\"), by and among Marvell, MTI, Maui Acquisition Company Ltd, a Bermuda exempted company and a wholly owned subsidiary of MTI (\"Bermuda Merger Sub\"), Indigo Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of MTI (\"Delaware Merger Sub\"), and Inphi, a Delaware corporation, (i) Bermuda Merger Sub will be merged with and into Marvell (the \"Bermuda Merger\"), with Marvell continuing as a wholly owned subsidiary of MTI; and (ii) Delaware Merger Sub will be merged with and into Inphi (the \"Delaware Merger\" and, together with the Bermuda Merger, the \"Mergers\"), with Inphi continuing as a wholly owned subsidiary of MTI. The net proceeds from the Notes Offering are estimated to be approximately $1.98 billion. MTI intends to use the net proceeds of the Notes Offering to fund a portion of the aggregate cash portion of the merger consideration payable to Inphi stockholders in connection with the Mergers and to pay related fees and expenses. MTI expects to use any remaining net proceeds from the Notes Offering...

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