Lam Research ups conversion rates for 0.5%, 1.25%, 2.625% convertibles

By Marisa Wong

Madison, Wis., June 10 – Lam Research Corp. has adjusted the conversion rate for its 0.5% senior convertible notes due 2016, 1.25% senior convertible notes due 2018 and 2.625% senior convertible notes due 2041, according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate for the 0.5% convertibles was increased to 15.9128 shares per $1,000 principal amount of notes from 15.8687 shares per $1,000 of notes.

The conversion rate for the 1.25% convertibles was increased to 15.9128 shares per $1,000 of notes from 15.8687 shares per $1,000 of notes.

The conversion rate for the 2.625% convertibles was increased to 28.5572 shares per $1,000 of notes from 28.4781 shares per $1,000 of notes.

The adjustments are due to a quarterly cash divided payment scheduled for July 2.

The new conversion rates became effective immediately after 9 a.m. ET on June 9, the ex-dividend date for the dividend.

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

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