By E. Janene Geiss
Philadelphia, April 20 - Lehman Brothers Holdings Inc. priced a $6 million offering of 15-year CMS (constant maturity swap) spread range daily accrual notes due April 30, 2022, non-callable for one year, according to an FWP filing with the Securities and Exchange Commission.
UBS Financial Services is the lead agent, with Lehman Brothers Inc. as co-agent.
The notes will pay an interest rate of 8%, multiplied by an interest accrual factor equal to the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to 0.0%.
Interest will be payable quarterly.
The notes will be callable at par on any interest payment date beginning April 30, 2008.
Lehman Brothers Inc. is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Spread range accrual notes
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Amount: | $6 million
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Maturity: | April 30, 2022
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Coupon: | 8% multiplied by an interest accrual factor equal to the proportion of days on which the spread of the 30-year CMS rate over the 10-year CMS rate is greater than or equal to 0.0%; payable quarterly
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Price: | Par
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Call: | At par on each interest payment date beginning April 30, 2008
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Payout at maturity: | Par plus accrued interest
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Pricing date: | April 19
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Settlement date: | April 30
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Agent: | UBS Financial Services (lead), Lehman Brothers Inc.
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Underwriting discount: | 1.75%
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