Latham Represents Penguin Solutions in US$650 Million Convertible Senior Notes Offering and Refinancing

Penguin Solutions, Inc., the AI factory platform company (Penguin) (Nasdaq: PENG), has announced the pricing of US$650 million in aggregate principal amount of convertible senior notes due 2031 to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Concurrently with the offering, Penguin expects to exchange a portion of its existing convertible senior notes due 2029 and 2030, and the initial purchasers have been granted an option to purchase up to an additional US$100 million aggregate principal amount of notes. The offering is expected to close on or about July 17, 2026, subject to customary closing conditions.

Latham & Watkins LLP represents Penguin Solutions in the offering and refinancing with a corporate team led by partners Greg Rodgers, Andrew Blumenthal, and Erica Kassman and counsel Zuza Gruca, with associates Andrew Bentz, Katie Weeks, Julian Brody, Zack Dawson, Helen Zhang, and Judy Shamshikh. Advice was also provided on derivatives matters by partner Eric Rice, with associate Daniel Weiss; on tax matters by partner Bora Bozkurt, with associate Michael Yu; and on investment company matters by partner Jennifer Tian.