Lam lifts conversion rate for Novellus’ 2.625% convertibles due 2041

By Wendy Van Sickle

Columbus, Ohio, Dec. 10 – Lam Research Corp. adjusted the conversion rate for the 2.625% senior convertible notes due 2041 issued by Novellus Systems, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate was increased to 30.5541 shares per $1,000 principal amount of the notes from 30.3454 shares per $1,000 principal amount previously.

The adjustment was made in connection with a quarterly cash dividend payment of $1.10 per share scheduled for Dec. 26.

The new conversion rate became effective immediately after 9 a.m. ET on Dec. 4, the ex-dividend date for the payment.

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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