Penguin Solutions plans USD 650 million convertible senior notes offering due 2031

PENG•2026-07-13

Convertible notes offering and use of proceeds

Penguin Solutions launched a private offering of USD 650 million convertible senior notes due 2031, with an option to sell an additional USD 100 million.

Total potential issuance size: USD 750 million, subject to market conditions.
Proceeds are earmarked for capped call transactions, exchanges of convertible senior notes due 2029 and 2030, and repayment of USD 100 million under a credit agreement.
The notes mature on Aug. 1, 2031.
Redemption is permitted from Aug. 6, 2029 if the stock trades above 130% of the conversion price.

Penguin Solutions plans USD 650 million convertible senior notes offering due 2031

Convertible notes offering and use of proceeds

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