Summary
Lam Research Corporation (LRCX) filed an 8-K on June 12, 2018, to disclose an adjustment to the conversion rate of its 2.625% Senior Convertible Notes due 2041. This adjustment was made in accordance with the terms of the indenture governing these notes, originally issued by Novellus Systems, Inc. The company distributed a formal notice to the holders of these convertible notes regarding this change. For investors holding these specific 2041 Notes, this filing is important as it directly impacts the terms of their investment. The adjustment to the conversion rate means that the number of common shares of Lam Research that can be obtained by converting a single note may have changed. Investors should review the notice of adjustment to understand the precise details of the change and its potential implications on the value and conversion terms of their holdings. This filing does not contain new financial statements or other material operational updates.
Key Highlights
- 1Lam Research Corporation (LRCX) issued a Form 8-K on June 12, 2018.
- 2The filing pertains to a Regulation FD Disclosure (Item 7.01).
- 3The company announced an adjustment to the conversion rate of its 2.625% Senior Convertible Notes due 2041.
- 4This adjustment is made pursuant to the governing indenture dated May 10, 2011.
- 5A Notice of Adjustment was distributed to holders of the 2041 Notes.
- 6The notice itself is attached as Exhibit 99.1 to the 8-K filing.