What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to provide Regulation FD disclosure regarding an adjustment to the conversion rate of Lam Research's 2.625% Senior Convertible Notes due 2041.

What are the 2.625% Senior Convertible Notes due 2041?

These are debt securities issued by Lam Research (originally by Novellus Systems, Inc.) that can be converted into shares of Lam Research's common stock under certain conditions. The coupon rate is 2.625%, and they are due in 2041.

Why was the conversion rate adjusted?

The filing does not specify the exact reason for the adjustment, only that it was made pursuant to the terms of the indenture governing the notes. Investors would need to refer to the attached Exhibit 99.1 (Notice of Adjustment of Conversion Rate) for potential details.

What is the impact of this conversion rate adjustment on shareholders?

The adjustment to the conversion rate could impact the effective price at which noteholders can convert their notes into common stock. This might indirectly affect the potential dilution to existing shareholders if the conversion becomes more or less attractive.

LRCX 8-K: Regulation FD

Summary

Lam Research Corporation (LRCX) has filed an 8-K report on March 26, 2019, 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 indenture governing these notes, originally issued by Novellus Systems, Inc. The specific details of this adjustment are provided in a Notice distributed to the holders of these notes.

Key Highlights

1Lam Research disclosed an adjustment to the conversion rate of its 2.625% Senior Convertible Notes due 2041.
2The adjustment is made pursuant to the indenture dated May 10, 2011, originally between Novellus Systems, Inc. and The Bank of New York Mellon Trust Company, N.A.
3The notice regarding the conversion rate adjustment was distributed to holders of the 2041 Notes.
4This filing is primarily for Regulation FD disclosure purposes.
5The information furnished is not considered 'filed' for the purposes of Section 18 of the Exchange Act, nor incorporated by reference into other filings unless expressly stated.

LAM RESEARCH CORP 8-K Report, Regulation FD Disclosure (Mar 26, 2019)

Summary

Key Highlights

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