$MRVL / $LITE: deep dive. Debt Capacity and Raise Analysis Marvell's recently amended revolver provides $3B of capacity with a 4.0x base leverage covenant, rising to 4.5x for the acquisition quarter and three subsequent quarters. At combined EBITDA of roughly $6- 7B, 4.5x supports total debt of $27- 32B. Current net debt ~$1B leaves ~$25-30B of incremental capacity before covenant breach. This covers only a minority of a $100B+ deal. Any cash component above ~$20-25B requires either a concurrent equity raise or partner capital. A large equity raise at current multiples would itself dilute and face market reception risk given the stock's reaction to the reports. Lumentum's $2.7B cash reduces net cash outlay but does not change the fundamental stock-heavy character of the transaction. Interest coverage on incremental debt remains manageable near current 7x levels if the cash component stays modest; larger cash usage compresses coverage and invites rating pressure. Prior Marvell deals (Cavium, Inphi, Celestial) were also predominantly stock, and the market has historically given the company credit for growth through acquisition once integration progressed.