SGH issues $175M 2.00% convertible notes due 2030; repurchases $80M of 2026 notes

Penguin Solutions, Inc.

Issued $175M aggregate principal (upsized from $150M) of 2.00% convertible senior notes due 2030.
Net proceeds ~$168.7M; ~$100.6M used to repurchase $80M of existing 2.25% notes due 2026.
~$14.3M used for capped call transactions; remainder to repay term loan facility.
Initial conversion price ~$28.01 per share; capped call cap price ~$37.70.
Initial purchasers granted option to buy up to additional $25M in notes.

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