We advised the initial purchasers on the offering

Davis Polk advised the representatives of the several purchasers, in connection with a Rule 144A offering by Penguin Solutions, Inc. of $750 million aggregate principal amount of its 0.00% convertible senior notes due 2031, which included the full exercise of the option by the initial purchasers to purchase an additional $100 million aggregate principal amount of the convertible notes. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering.

Penguin Solutions is a leading provider of memory and AI infrastructure, powering the AI factories for enterprises, sovereign AI initiatives and neocloud providers. The company supports its customers with advanced computing, memory and LED solutions.

The Davis Polk corporate team included partners Alan F. Denenberg and Beth LeBow and associates Dove Barbanel and Joon Ko. The equity derivatives team included partner Caitlin L. Wood and associates Ji Hwan Kim, Melissa X. Estrada, Zifeng Zeng and Selena (Zhijun) Fu. The tax team included partner Aliza Slansky. Members of the Davis Polk team are based in the Northern California and New York offices.

Copy link to share post