Summary
Lam Research Corporation (LRCX) has filed a Form 8-K on June 15, 2016, to disclose important information regarding adjustments to the conversion rates of its outstanding convertible senior notes. Specifically, the company issued notices to holders of its 1.25% Convertible Senior Notes due 2018 and its 2.625% Senior Convertible Notes due 2041 regarding these rate adjustments. These adjustments, made pursuant to the respective indentures, could have implications for investors holding these notes. The change in conversion rate might affect the effective price at which noteholders can convert their debt into company stock, potentially impacting their investment strategy and the overall value of their holdings. Investors should carefully review the specific terms outlined in the notices attached as exhibits to understand the precise nature and impact of these adjustments.
Key Highlights
- 1Lam Research issued notices regarding adjustments to the conversion rates of its 1.25% Convertible Senior Notes due 2018.
- 2Lam Research also issued notices regarding adjustments to the conversion rates of its 2.625% Senior Convertible Notes due 2041.
- 3The adjustments are made in accordance with the terms of the respective indentures governing these notes.
- 4The 2018 Notes are governed by an indenture dated May 11, 2011.
- 5The 2041 Notes were originally issued by Novellus Systems, Inc. and are governed by an indenture dated May 10, 2011.
- 6The company is providing this information under Regulation FD Disclosure.
- 7The provided information is furnished and not deemed 'filed' for purposes of Section 18 of the Exchange Act.