By E. Janene Geiss
Philadelphia, April 27 - Lehman Brothers Holdings Inc. upsized to $1.923 million its issue of 100% principal-protected "Wedding Cake" notes due May 1, 2008 linked to the price of light sweet crude oil, according to an FWP filing with the Securities and Exchange Commission.
The notes were originally priced at $223,000 on April 19, then increased to $423,000 on April 26.
At maturity, investors will receive par plus 15% if at all times during the life of the notes the price of crude oil remains within the narrowest barrier range, $52.556 to $74.196, which is 85% to 120% of the crude oil strike price - its level on the pricing date - of $61.83.
Investors will receive par plus 7.5% if the price of crude oil remains with the middle barrier range, $49.464 to $77.288, which is 80% to 125% of the crude oil strike price.
Investors will receive par plus 5% if the price of crude oil remains within the broadest barrier range, $46.373 to $83.471, which is 75% to 135% of the crude oil strike price.
If crude oil moves outside that range, payout at maturity will be par.
Lehman Brothers Inc. is underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | 100% principal protected "Wedding Cake" notes
|
| Underlying asset: | Light sweet crude oil
|
| Amount: | $1.923 million
|
| Maturity: | May 1, 2008
|
| Price: | Par
|
| Payout at maturity: | Payout will be par plus 15% if crude oil remains within the narrowest barrier range, $52.556 to $74.196; par plus 7.5% if crude oil remains within the middle barrier range, $49.464 to $77.288; and par plus 5% if crude oil remains within the broadest barrier range, $46.373 to $83.471; par if crude oil moves outside range
|
| Crude oil strike price: | $61.83
|
| Pricing date: | April 19
|
| Settlement date: | April 30
|
| Underwriter: | Lehman Brothers Inc.
|
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