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Lehman to issue Wedding Cake principal-protected notes linked to light sweet crude oil
By E. Janene Geiss
Philadelphia, April 3- Lehman Brothers Holdings Inc. plans to price an issue of 0% principal-protected Wedding Cake notes with a one-year maturity linked to the price of light sweet crude oil, according to an FWP filing with the Securities and Exchange Commission.
At maturity, investors will receive par plus 15% if, during the life of the notes, crude oil remains within the narrowest barrier range, expected to be 85% to 120% of its initial value; par plus 7.5% if crude oil remains within the middle barrier range, expected to be 80% to 125% of its initial value; and par plus 5% if crude oil remains within the broadest barrier range, expected to be 75% to 135% of its initial value.
If crude oil moves outside that range, the payout at maturity will be par.
The exact barrier levels will be set at pricing.
Pricing is expected in April with settlement slated for April 30.
Lehman Brothers Inc. will be the underwriter for the offering.
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