Penguin Solutions plans $650M convertible notes offering due 2031

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Go back to Penguin Solutions plans $650M convertible notes offering due 2031

Penguin Solutions Announces Proposed Private Offering of Convertible Notes and Refinancing to Enhance Capital Structure

July 13, 2026 5:20 PM EDT

FREMONT, Calif.--(BUSINESS WIRE)-- Penguin Solutions, Inc. (Penguin, we or the Company) (Nasdaq: PENG) today announced it intends to offer $650.0 million in aggregate principal amount of convertible senior notes due 2031 (the Notes) to qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended (the Securities Act), subject to market and other conditions. Concurrently with the offering, the Company expects to enter into privately negotiated exchanges of a portion of certain existing convertible senior notes due 2029 and 2030. The Company also expects to grant to the initial purchasers of the Notes an option... More