Penguin Solutions prices USD 650 million 0% convertible notes due 2031

Penguin Solutions Incorporation

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Penguin Solutions priced a USD 650 million private offering of 0.00% convertible senior notes due 2031, with a USD 100 million upsizing option.
Notes mature Aug. 1, 2031; expected to close around July 17, 2026.
Initial conversion rate 8.5690 shares per USD 1,000; implied conversion price about USD 116.7, a 50% premium to the July 14 close.
Net proceeds estimated at about USD 636.9 million, or about USD 735.1 million if the option is fully exercised.
Proceeds earmarked for capped call costs, cash to refinance portions of 2029 and 2030 convertible notes, repayment under a credit agreement, general corporate purposes.

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