By Angela McDaniels
Seattle, Feb. 22 - Lehman Brothers Holdings Inc. priced a $5 million offering of steepener notes due March 7, 2022, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will bear interest at 10% through March 7, 2008. After that, the interest rate will be reset quarterly and will equal 50 times the spread of the 30-year constant maturity swap (CMS) rate over the 10-year CMS rate, subject to a minimum interest rate of 0%.
The notes are callable at par on each interest payment date beginning March 7, 2008.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Steepener notes
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| Amount: | $5 million
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| Maturity: | March 7, 2022
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| Coupon: | 10% through March 7, 2008; 50 times the spread of the 30-year CMS rate over the 10-year CMS rate after that; payable quarterly
|
| Price: | Par
|
| Call: | At par on each interest payment date beginning March 7, 2008
|
| Payout at maturity: | Par plus accrued interest
|
| Pricing date: | Feb. 22
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| Settlement date: | March 7
|
| Underwriter: | Lehman Brothers Inc.
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