Published on 7/10/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman sells $834,000 14.25% reverse exchangeables linked to General Motors
By Jennifer Chiou
New York, July 10 - Lehman Brothers Holdings Inc. priced an $834,000 issue of 14.25% annualized reverse exchangeable notes due Jan. 11, 2008 linked to the common stock of General Motors Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless General Motors stock falls below the knock-in price of $25.543 - 70% of the initial value - during the life of the notes and finishes below its initial price of $36.49, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
Lehman Brothers is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | General Motors Corp.
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Amount: | $834,000
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Maturity: | Jan. 11, 2008
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Coupon: | 14.25% annualized, payable monthly
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Price: | Par
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Payout at maturity: | Par unless General Motors stock falls below the knock-in price of $25.543 during the life of the notes and finishes below its initial value, in which case payout will be a number of shares equal to $1,000 divided by the initial share price
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Initial price: | $36.49
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Knock-in price: | $25.543, 70% of $36.49
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Pricing date: | July 6
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Settlement date: | July 11
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Agent: | Lehman Brothers
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Fees: | 2.2%
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