Penguin Solutions issues $750M convertible senior notes due 2031, enters capped call and exchange transactions

Penguin Solutions, Inc.

Issued $750M aggregate principal of 0.00% Convertible Senior Notes due 2031, with initial conversion price of ~$116.70 per share.
Entered capped call transactions costing $49.1M to reduce potential dilution upon conversion of the notes.
Exchanged $135.5M of 2029 Notes and $160M of 2030 Notes for cash and common stock in privately negotiated transactions.
Used net proceeds of ~$735.1M to repurchase existing notes, repay $100M credit facility, and for general corporate purposes.
Notes are senior unsecured obligations, convertible into cash and common stock, and redeemable after August 2029 under certain conditions.

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