Lam Research calls all Novellus 2.625% convertibles due 2041

By Wendy Van Sickle

Columbus, Ohio, March 26 – Lam Research Corp. issued a redemption notice for all of its subsidiary Novellus Systems, Inc.’s 2.625% senior convertible notes due 2041 (Cusip: 670008AD3), according to a news release.

The notes will be redeemed on May 21, 2021 at par plus interest.

The notes may be converted at any time prior to the close of business on the business day immediately preceding the redemption date at a conversion rate of 31.8009 shares of Lam common stock per $1,000 principal amount of notes.

Lam’s shares (Nasdaq: LRCX) closed at $584.23 on Friday.

The semiconductor company is based in Fremont, Calif.

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