Penguin Solutions Inc.
SMART Global Holdings Announces Issuance of $175M Convertible Senior Notes
Summary
On August 6, 2024, SMART Global Holdings, Inc. issued $175.0 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2030. The notes are convertible into cash and, if applicable, the Company's ordinary shares. The Company used approximately $100.6 million of the net proceeds to repurchase existing 2.25% convertible senior notes due 2026, $14.3 million to pay the cost of capped call transactions, and the remaining net proceeds to repay certain amounts under its term loan credit facility. The notes bear interest at a rate of 2.00% per annum and mature on August 15, 2030. The initial conversion rate is 35.7034 ordinary shares per $1,000 principal amount of notes, representing an initial conversion price of approximately $28.01 per ordinary share.
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About Penguin Solutions Inc.
Penguin Solutions Inc. is a cutting-edge technology company that focuses on providing innovative engineering services and software solutions. Headquartered in the United States, Penguin Solutions specializes in high-performance computing, cloud enablement, and electronic design automation. The primary function of the company is to support businesses in enhancing their technological capabilities by offering tailored solutions that streamline operations and improve efficiency. Penguin Solutions is integral to sectors such as telecommunications, aerospace, and automotive industries, where precision and high-efficiency computing are critical. The company is a notable player in the financial market due to its role in pioneering advancements in software and hardware integration, making it a valuable partner for enterprises looking to keep pace with rapid technological changes. Through its diverse portfolio, Penguin Solutions fosters significant improvements in productivity, contributing substantially to technological innovation and implementation across various industries.
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