Published on 3/28/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $5 million range notes linked to six-month Libor
By E. Janene Geiss
Philadelphia, March 28 - Lehman Brothers Holdings Inc. priced a $5 million issue of Range Notes due April 20, 2022 linked to six-month Libor, according to an FWP filing with the Securities and Exchange Commission.
The notes will bear interest at 7% for each day during the interest period that six-month Libor is equal to or greater than 0% and equal to or less than 7.75% until April 20, 2012. The interest rate increases to 7.5% from April 20, 2012 to April 20, 2017 and increases to 12% from April 20, 2017 to the maturity date. Interest is payable quarterly.
The notes will be callable on each interest payment date beginning July 20, 2007.
Lehman Brothers Inc. is underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Range Notes
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Amount: | $5 million
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Maturity: | April 20, 2022
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Coupon: | 7% for each day six-month Libor stays within the specified range until April 20, 2012; 7.5% for each day six-month Libor stays within the range from April 20, 2012 until April 20, 2017; 12% for each day six-month Libor stays within the range from April 20, 2017 until maturity date; payable quarterly
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Reference range: | 0% to 7.75%, inclusive
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Price: | Par
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Callable: | On interest payment dates beginning July 20, 2007
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Payout at maturity: | Par plus accrued interest
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Pricing date: | March 27
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Settlement date: | April 20
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Underwriter: | Lehman Brothers Inc.
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