8-KRegulation FDExhibits & Filings

LAM RESEARCH CORP 8-K Report, Regulation FD Disclosure (Mar 27, 2020)

Filed March 27, 2020For Securities:LRCX

Summary

Lam Research Corporation (LRCX) filed a Form 8-K on March 27, 2020, to disclose an adjustment to the conversion rate of its 2.625% Senior Convertible Notes due 2041. This adjustment was made pursuant to the indenture governing these notes, originally issued by Novellus Systems, Inc. The company distributed a formal notice to holders of these convertible notes regarding this specific rate adjustment. While this filing is primarily procedural, it indicates a change affecting the terms of outstanding convertible debt. Investors holding these notes, or considering them, should pay close attention to the details of this conversion rate adjustment, as it impacts the potential equity upside and the economics of the debt instrument. The filing does not provide details on the reason for the adjustment but is a formal notification required under the indenture's terms.

Key Highlights

  • 1Lam Research Corporation (LRCX) announced an adjustment to the conversion rate of its 2.625% Senior Convertible Notes due 2041.
  • 2The adjustment was made on March 26, 2020, and a notice was distributed to noteholders on March 27, 2020.
  • 3This adjustment is governed by the indenture dated May 10, 2011, between Novellus Systems, Inc. and The Bank of New York Mellon Trust Company, N.A.
  • 4The filing is made under Regulation FD disclosure (Item 7.01).
  • 5The information furnished is not deemed 'filed' for purposes of Section 18 of the Exchange Act.
  • 6Exhibit 99.1 contains the formal Notice of Adjustment of Conversion Rate.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally notify investors and holders of Lam Research's 2.625% Senior Convertible Notes due 2041 about an adjustment to the conversion rate of these notes.

The notes affected are Lam Research's 2.625% Senior Convertible Notes due 2041. These notes were originally issued by Novellus Systems, Inc.

No, this filing (specifically Item 7.01) is a procedural disclosure and does not provide the specific reasons or calculations behind the conversion rate adjustment. The details of the adjustment itself would be in the referenced Notice of Adjustment of Conversion Rate (Exhibit 99.1).

An adjustment to the conversion rate directly impacts the number of shares of Lam Research common stock you can convert your notes into. This could potentially increase or decrease the value of your convertible notes depending on the nature of the adjustment and the company's stock performance. It's crucial to review the actual notice (Exhibit 99.1) for the specifics of the adjustment.