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

By Tali Rackner

Norfolk, Va., March 13 – Lam Research Corp. adjusted the conversion rates 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 16.0228 shares per $1,000 principal amount of notes from 15.9868 shares per $1,000 principal amount of notes.

The conversion rate for the 1.25% convertibles was increased to 16.0228 shares per $1,000 principal amount of notes from 15.9868 shares per $1,000 principal amount of notes.

The conversion rate for the 2.625% convertibles was increased to 28.7547 shares per $1,000 principal amount of notes from 28.6901 shares per $1,000 principal amount of notes.

The adjustments are due to a quarterly cash dividend payment scheduled for April 1.

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

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

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