Penguin Solutions Announces Pricing of Private Offering of $650.0 Million of 0.00% Convertible Notes and Refinancing to Enhance Capital Structure
Enhances capital structure and extends debt maturities through opportunistic refinancing of certain existing convertible notes
Reduces potential dilution upon conversion of notes through capped call transactions
Strengthens financial flexibility
Penguin Solutions, Inc., the AI Factory Platform Company (“Penguin,” “we” or the “Company”) (Nasdaq: PENG), today announced the pricing of $650.0 million in aggregate principal amount of convertible senior notes due 2031 (the “Notes”) to be offered and sold to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Concurrently with the offering, the Company expects to exchange a portion of certain existing convertible senior notes due 2029 and 2030. The Company has granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $100.0 million aggregate principal amount of Notes. The offering is expected to close on or about July 17, 2026, subject to customary closing conditions.
