Summary
Lam Research Corporation (LRCX) filed an 8-K on June 19, 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 terms of the indenture governing these notes, originally issued by Novellus Systems, Inc. While the filing itself does not provide the specific details of the adjustment or the reasons behind it, it is crucial for holders of these convertible notes to review the distributed notice. Such adjustments can impact the potential equity upside for noteholders if the conversion price effectively changes, making it either more or less attractive to convert into company stock. Investors holding or considering these notes should consult the full notice attached as Exhibit 99.1 for complete details.
Key Highlights
- 1Lam Research (LRCX) filed an 8-K on June 19, 2020.
- 2The filing pertains to a Regulation FD disclosure.
- 3An adjustment to the conversion rate of the 2.625% Senior Convertible Notes due 2041 was announced.
- 4The adjustment is in accordance with the indenture dated May 10, 2011.
- 5The original issuer of the notes was Novellus Systems, Inc.
- 6The notice of adjustment was distributed to holders of the 2041 Notes.
- 7The information is furnished under Item 7.01 and not deemed 'filed' under Section 18 of the Exchange Act.