Lam Research ups conversion rates for 1.25% and 2.625% convertibles

By Wendy Van Sickle

Columbus, Ohio, June 9 – Lam Research Corp. adjusted the conversion rates for its 1.25% convertible senior notes due 2018 and its 2.625% senior convertible notes due 2041, according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate for the 1.25% convertibles was increased to 16.5702 shares per $1,000 principal amount of notes from 16.5232 shares per $1,000 principal amount.

The conversion rate for the 2.625% convertibles was increased to 29.7371 shares per $1,000 principal amount of notes from 29.6528 shares per $1,000 principal amount.

The adjustments are due to a quarterly cash dividend payment of $0.45 per share scheduled for June 28.

The new conversion rates became effective immediately after 9 a.m. ET on June 5, the ex-dividend date for the payment.

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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