Fremont-based Lam Research is seeking to raise $700 million from the sale of convertible senior notes. The provider of equipment and services for semiconductor makers will issue the notes in two parts of $350 million each. The first tranche is due in May 2016, while the other due in May 2018. The initial purchasers will be given the right to buy an additional $50 million of each tranche to cover over-allotments. The wafer fabrication equipment provider intends to use the proceeds to buy back between one million and three million shares of its common stock, to pay costs of the convertible note hedge and for general corporate purposes.

Click here for the release from Lam Research.