---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-010617"
form_type: "8-K"
ticker: "PENG"
cik: "0001616533"
company_name: "Penguin Solutions, Inc."
filed_at: "2023-01-19T23:59:59+00:00"
generated_at: "2026-06-20T13:08:16.595649+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# SGH exchanges $150M of 2.25% notes for 2.000% notes due 2029; repurchases 325K shares

## Summary
- Exchanged $150M aggregate principal of existing 2.25% convert notes due 2026 for $150M of new 2.000% notes due 2029 plus ~$15.6M cash premium.
- Repurchased ~325,000 ordinary shares at $16.65/share for ~$5.4M in connection with the exchange offering.
- New notes have conversion price of ~$21.23 per share (27.5% premium over last sale); capped call cap price of $29.1375.
- After exchange, $100M of old notes remain outstanding; SGH will not receive cash proceeds from the new notes.
- Entered into new capped call transactions to reduce dilution upon conversion; terminated portion of existing capped calls.

## SEC filing metadata
- accession: 0001193125-23-010617
- form_type: 8-K
- ticker: PENG
- cik: 0001616533
- company_name: Penguin Solutions, Inc.
- filed_at: 2023-01-19T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1616533/000119312523010617/0001193125-23-010617-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1616533/000119312523010617/d422510d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-010617
- JSON: https://secwatch.observer/filing/0001193125-23-010617.json
- Plain text: https://secwatch.observer/filing/0001193125-23-010617.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.