Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $1.172 million 21.5% reverse convertibles linked to DryShips
New York, June 27 - Lehman Brothers Holdings Inc. priced $1.172 million of 21.5% reverse convertible notes due Dec. 30, 2008 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless DryShips shares fall below the protection price of $49.182, 60% of the initial price of $81.97, during the life of the notes and finish below the initial price in which case the payout will be DryShips shares equal to $1,000 principal amount divided by the initial price.
Lehman Brothers is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | DryShips Inc. (Symbol: DRYS)
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Amount: | $1.172 million
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Maturity: | Dec. 30, 2008
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Coupon: | 21.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless DryShips shares fall below the protection price of $49.182, 60% of the initial price, and finish below the initial price, in which case DryShips shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $81.97
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Protection price: | $49.182, 60% of $81.97
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Lehman Brothers
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Fees: | 3.54%
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