By E. Janene Geiss
Philadelphia, April 10 - Lehman Brothers Holdings Inc. priced a $5 million offering of spread range accrual notes due April 26, 2022, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will pay interest at 9% through April 26, 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 April 26, 2008.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Spread range accrual notes
|
| Amount: | $5 million
|
| Maturity: | April 26, 2022
|
| Coupon: | 9% through April 26, 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 April 26, 2008
|
| Payout at maturity: | Par plus accrued interest
|
| Pricing date: | April 9
|
| Settlement date: | April 26
|
| Underwriter: | Lehman Brothers Inc.
|
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