By E. Janene Geiss
Philadelphia, April 27 - Lehman Brothers Holdings Inc. priced a $1 million issue of 11.6% reverse exchangeable notes due May 1, 2008 linked to the common stock of Joy Global Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Joy Global stock falls below the knock-in price of $31.31 - 60% of the initial share price - during the life of the notes and finishes below its initial price of $52.18, in which case the payout will be a number of Joy Global 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: | Joy Global Inc.
|
| Amount: | $1 million
|
| Maturity: | May 1, 2008
|
| Coupon: | 11.6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Joy Global stock falls below the knock-in price of $31.31 during the life of the notes and finishes below its initial share price, in which case payout will be 19.164 Joy Global shares
|
| Initial share price: | $52.18
|
| Knock-in price: | $31.31, 60% of $52.18
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Underwriter: | Lehman Brothers Inc.
|
| Commission: | 2.3%
|
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