By Jennifer Chiou
New York, April 18 - Lehman Brothers Holdings Inc. priced a $2.404 million issue of 10.375% reverse exchangeable notes due April 20, 2008 linked to the common stock of Archer-Daniels-Midland Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Archer-Daniels-Midland stock falls below the knock-in price of $30.30 - 80% of the initial share price - during the life of the notes and finishes below its initial share price of $37.87, in which case the payout will be a number of Archer-Daniels-Midland 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: | Archer-Daniels-Midland Co.
|
| Amount: | $2.404 million
|
| Maturity: | April 20, 2008
|
| Coupon: | 10.375%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Archer-Daniels-Midland stock falls below the knock-in price of $30.30 during the life of the notes and finishes below its initial share price, in which case payout will be 26.40613 Archer-Daniels-Midland shares
|
| Initial share price: | $37.87
|
| Knock-in price: | $30.30, 80% of $37.87
|
| Pricing date: | April 17
|
| Settlement date: | April 20
|
| Underwriter: | Lehman Brothers Inc.
|
| Underwriting discount: | 2.375%
|
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