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MRVL » Topics » Santa Clara, CA (October 17, 2006)

This excerpt taken from the MRVL 8-K filed Oct 17, 2006.
Santa Clara, CA (October 17, 2006) — Marvell Technology Group Ltd. (NASDAQ: MRVL) announced today it intends to meet with potential lenders in connection with the private acquisition financing of Intel’s communications and application processor business. On June 27, 2006, Marvell and Intel Corporation announced that they have signed an agreement for Intel to sell its communications and application processor business to Marvell for a purchase price of $600 million plus the assumption by Marvell of certain liabilities.

The proposed acquisition financing will be in the form of a senior term loan facility in an aggregate principal amount of up to $500 million.  Marvell expects that the net proceeds from the term loan facility, together with existing cash on hand, will be used to pay the purchase price for the acquisition, related transaction costs, and advance payments for products under a supply agreement with Intel.

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