Published on 1/30/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $367,000 15.3% reverse exchangeables linked to CIT Group
By Angela McDaniels
Tacoma, Wash., Jan. 30 - Lehman Brothers Holdings Inc. priced $367,000 of 15.3% reverse exchangeable notes due Jan. 30, 2009 linked to the common stock of CIT Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless CIT Group stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout at maturity will be a number of CIT Group shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | CIT Group Inc. (Symbol: CIT)
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Amount: | $367,000
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Maturity: | Jan. 30, 2009
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Coupon: | 15.3%, payable monthly
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Price: | Par
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Payout at maturity: | If CIT Group stock falls below the trigger price during the life of the notes and the final share price is less than the initial share price, 39.0625 CIT Group shares or equivalent cash value; otherwise, par
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Initial share price: | $25.60
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Trigger price: | $12,80, 50% of initial share price
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Underwriter: | Lehman Brothers Inc.
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Fees: | 3.99%
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