Company: PENG
Filing Date: 2025-04-02
Form Type: 10-Q
Source: 0001628280-25-016182
Chunk: 52

Company: Penguin Solutions, Inc.
Filing Date: 2025-04-02
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 and Accrued ExpensesAs ofFebruary 28,2025August 30,2024Accounts payable (1)$238,247 $182,037 Salaries, wages and benefits26,696 22,819 Income and other taxes11,547 11,863 Other1,603 2,371 $278,093 $219,090 (1)Included accounts payable for property and equipment of $0.6 million and $0.4 million as of February 28, 2025 and August 30, 2024, respectively.

DebtAs ofFebruary 28,2025August 30,2024Amended 2027 TLA$297,821 $297,297 2030 Notes193,355 192,778 2029 Notes147,724 147,439 2026 Notes19,891 19,833 658,791 657,347 Less current debt(19,891)— Long-term debt$638,900 $657,347 

17

Credit FacilityOn February 7, 2022, Penguin Solutions and SMART Modular Technologies, Inc. entered into a credit agreement (the “Original Credit Agreement”) with a syndicate of banks and Citizens Bank, N.A., as administrative agent that provided for (i) a term loan credit facility in an aggregate principal amount of $275.0 million (the “2027 TLA”) and (ii) a revolving credit facility in an aggregate principal amount of $250.0 million (the “2027 Revolver”), in each case, maturing on February 7, 2027. On August 29, 2022, the Original Credit Agreement was amended (the “Amended Credit Agreement”) to, among other things, provide for incremental term loans in an aggregate amount of $300.0 million (together with the 2027 TLA, the “Amended 2027 TLA”). As of February 28, 2025, there was $300.0 million of principal amount outstanding under the Amended 2027 TLA, unamortized issuance costs were $2.2 million and the effective interest rate was 7.43%. As of February 28, 2025, there were no amounts outstanding under the 2027 Revolver and unamortized issuance costs were $1.8 million.Convertible Senior NotesRepurchase of Convertible Senior NotesOn August 6, 2024