Penguin Solutions slumps on $650 million note offering
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PENG• Shares fall after convertible notes announcement
Shares of data center firm Penguin Solutions PENG.O slump 12% to $68 after the bell.
PENG announced a convertible senior notes offering of $650 million due 2031.
Penguin will use proceeds to fund capped call transactions, refinance existing notes and repay a $100 million credit agreement.
PENG stock has more than tripled so far this year.
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Penguin Solutions slumps on $650 million note offering - PENG News | Rallies
