<SEC-DOCUMENT>0001193125-15-078927.txt : 20150305
<SEC-HEADER>0001193125-15-078927.hdr.sgml : 20150305
<ACCEPTANCE-DATETIME>20150305165235
ACCESSION NUMBER:		0001193125-15-078927
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150305
DATE AS OF CHANGE:		20150305

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAM RESEARCH CORP
		CENTRAL INDEX KEY:			0000707549
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				942634797
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-202110
		FILM NUMBER:		15677955

	BUSINESS ADDRESS:	
		STREET 1:		4650 CUSHING BLVD
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		5106590200

	MAIL ADDRESS:	
		STREET 1:		4650 CUSHING PARKWAY
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAM RESEARCH CORP
		CENTRAL INDEX KEY:			0000707549
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				942634797
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4650 CUSHING BLVD
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
		BUSINESS PHONE:		5106590200

	MAIL ADDRESS:	
		STREET 1:		4650 CUSHING PARKWAY
		CITY:			FREMONT
		STATE:			CA
		ZIP:			94538
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d885743dfwp.htm
<DESCRIPTION>FWP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration No.&nbsp;333-202110 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Issuer Free Writing Prospectus dated March&nbsp;5, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Relating to Preliminary Prospectus Supplement dated March&nbsp;5, 2015 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LAM RESEARCH CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pricing Term Sheet </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.750% Senior
Notes due March&nbsp;15, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.800% Senior Notes due March&nbsp;15, 2025 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Lam Research Corporation</TD></TR>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.750% Senior Notes due March 15, 2020 (the &#147;2020 Notes&#148;)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">3.800% Senior Notes due March 15, 2025 (the &#147;2025 Notes&#148;)</P></TD></TR>
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<TD VALIGN="top">Size:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: $500,000,000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes:
$500,000,000</P></TD></TR>
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<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">March 5, 2015</TD></TR>
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<TD VALIGN="top">Maturity:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: March 15, 2020</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes: March
15, 2025</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: 2.750%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes:
3.800%</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: 99.916% of face amount, plus accrued interest, if any, from March 12, 2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes: 99.958% of face amount, plus accrued interest, if any, from March 12, 2015</P></TD></TR>
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<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: 2.768%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes:
3.805%</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Spread to Benchmark Treasury:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: T+ 120 bps</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes: T+ 170
bps</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Benchmark Treasury:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: UST 1.375% due February 29, 2020</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes: UST 2.000% due February 15, 2025</P></TD></TR></TABLE>

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<TD VALIGN="top">Benchmark&nbsp;Treasury&nbsp;Price&nbsp;and&nbsp;Yield:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: 99-02+; 1.568%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes:
99-02; 2.105%</P></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">March 15 and September 15, commencing September 15, 2015</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: Prior to February 15, 2020 (one month prior to their maturity date), make-whole call at any time at the greater of a price of
100% or a discount rate of Treasury plus 20 basis points; on or after February 15, 2020, at any time at par.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025 Notes: Prior to December 15, 2024 (three months prior to their maturity date), make-whole call at any time at the greater of a price of 100% or a discount
rate of Treasury plus 25 basis points; on or after December 15, 2024, at any time at par.</P></TD></TR>
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<TD VALIGN="top">Change of Control Put:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">101% of the principal amount plus accrued and unpaid interest, if any</TD></TR>
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<TD VALIGN="top">Settlement:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">T+5; March 12, 2015</TD></TR>
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<TD VALIGN="top">Ratings (Moody&#146;s/S&amp;P):*</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Baa1/BBB</TD></TR>
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<TD VALIGN="top">CUSIP/ISIN:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2020 Notes: 512807AM0 / US512807AM03</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2025
Notes: 512807AN8 / US512807AN85</P></TD></TR>
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<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.</TD></TR>
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<TD VALIGN="top">Format:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">SEC Registered</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Joint&nbsp;Book-Running&nbsp;Managers:</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch,
Pierce, Fenner &amp; Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</P></TD></TR>
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<TD VALIGN="top">Co-Managers:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman, Sachs &amp; Co.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNP Paribas Securities
Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mitsubishi UFJ Securities
(USA), Inc.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal by the assigning rating organization at any time. Each rating should be evaluated independently of any other rating. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, the underwriters or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC High Grade Syndicate
Desk at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533</FONT></FONT></FONT> (collect) or Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322.</FONT></FONT></FONT> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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