Published on 10/29/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $1.38 million 11.75% reverse exchangeables linked to NYSE Euronext
By Susanna Moon
Chicago, Oct. 29 - Lehman Brothers Holdings Inc. priced a $1.38 million issue of 11.75% reverse exchangeable notes due April 30, 2008 linked to the common stock of NYSE Euronext, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of NYSE Euronext shares equal to $1,000 divided by the initial share price or, at the bank'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: | NYSE Euronext (NYSE: NYX)
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Amount: | $1,379,000
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Maturity: | April 30, 2008
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Coupon: | 11.75%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the trigger price during the life of the notes and finishes below the initial share price, a number of shares equal to $1,000 divided by the initial price or the equivalent cash value; otherwise, par
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Initial share price: | $91.20
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Trigger price: | $68.40, or 75% of initial share price
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Underwriter: | Lehman Brothers Inc.
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Fees: | 2.57%
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