New Issue: Lehman sells $470,000 10.30% reverse exchangeables linked to TD Ameritrade

By E. Janene Geiss

Philadelphia, March 27 - Lehman Brothers Holdings Inc. priced a $470,000 issue of 10.30% reverse exchangeable notes due March 29, 2008 linked to the common stock of TD Ameritrade Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par unless TD Ameritrade stock falls below the knock-in price of $11.96 - 75% of the initial share price - during the life of the notes and finishes below its initial price of $15.95, in which case the payout will be a number of TD Ameritrade shares equal to $1,000 divided by the initial share price.

Lehman Brothers Inc. is the underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Reverse exchangeable notes
Underlying stock:	TD Ameritrade Holding Co.
Amount:	$470,000
Maturity:	March 29, 2008
Coupon:	10.30%, payable monthly
Price:	Par
Payout at maturity:	Par unless TD Ameritrade stock falls below the knock-in price of $15.95 during the life of the notes and finishes below its initial share price, in which case payout will be 62.696 TD Ameritrade shares
Initial share price:	$15.95
Knock-in price:	$11.96, 75% of $15.95
Pricing date:	March 23
Settlement date:	March 28
Underwriter:	Lehman Brothers Inc.
Commission:	3%

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