Novellus Systems increases conversion rate for 2.625% convertibles

By Angela McDaniels

Tacoma, Wash., March 26 – Novellus Systems, Inc. increased the conversion rate for its 2.625% senior convertible notes due 2041, 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 30.7418 shares of common stock per $1,000 principal amount of notes from 30.5541 shares.

The new conversion rate is equivalent to a conversion price of $32.53 per share.

The adjustment became effective on March 19, the ex-dividend date for Lam Research’s upcoming dividend.

Lam Research’s board of directors declared a quarterly cash dividend payment of $1.10 per share on its stock. Payment is scheduled for April 10.

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

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