Penguin Solutions Inc (NASDAQ:PENG) stock is moving lower in extended trading on Monday after the company announced a proposed convertible notes offering.
Penguin Solutions stock is trading near recent highs. What’s next for PENG stock?
Penguin Announces Proposed Offering, Refinancing
After the market close on Monday, Penguin Solutions announced that it intends to offer $650 million of convertible senior notes due 2031 to qualified institutional buyers in a private offering. The company plans to offer the initial purchasers a 13-day option to buy up to an additional $100 million of the notes.
Concurrently, Penguin plans to enter into privately negotiated exchanges of a portion of existing convertible senior notes due 2029 and 2030.
