Novellus Systems increases conversion rate for 2.625% convertibles

By Taylor Fox

New York, Dec. 11 – Novellus Systems, Inc. further increased the conversion rate for its 2.625% senior convertible notes due 2041 (Cusip: 670008AD3), according to an 8-K filing with the Securities and Exchange Commission made by parent company Lam Research Corp.

The conversion rate was increased to 31.7239 shares of common stock per $1,000 principal amount of notes from 31.6428 shares.

The adjustment became effective at 9 a.m. ET Dec. 8, the ex-dividend date for Lam Research’s upcoming dividend.

Lam Research’s board of directors declared a quarterly cash dividend payment of $1.30 per share on its stock. Payment is scheduled for Jan. 6.

The Bank of New York Mellon Trust Co., NA is the trustee.

Lam Research is a Fremont, Calif.-based semiconductor manufacturing equipment company.

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