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Arrangement of Financing for Marvell's Proposed Acquisition of Cavium

On November 19, 2017, Marvell Technology Group Ltd., a leading producer of storage, communications and consumer semiconductor products, announced that it has entered into a definitive agreement to acquire Cavium, Inc., a provider of highly integrated semiconductor products, for a total transaction value of approximately $6 billion. Cravath represented Goldman Sachs Bank USA and Bank of America Merrill Lynch, as joint lead arrangers, in connection with the arrangement of a $900 million three‑year term loan facility, an $850 million 364‑day bridge loan facility and a $500 million five‑year revolving credit facility, which will be used to finance the pending acquisition, refinance certain existing indebtedness and for other general corporate purposes.

The Cravath team included partner Tatiana Lapushchik and associates Matthew G. Jones and Matthew L. Ploszek on banking matters; partner LizabethAnn R. Eisen and associate Steven Y. Li on securities matters; and associate Andrew T. Davis and foreign associate attorney Jean‑Baptiste Frantz on tax matters. Ari B. Ruffer also worked on banking matters and Shu-en Wee also worked on securities matters.