secwatch.observer — SEC 8-K summary
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Issuer:     Penguin Solutions, Inc. (PENG)
CIK:        0001616533
Form:       8-K
Filed at:   2023-01-19T23:59:59+00:00
Accession:  0001193125-23-010617
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616533/000119312523010617/0001193125-23-010617-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616533/000119312523010617/d422510d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-010617

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