By Jennifer Chiou
New York, May 14 - Lehman Brothers Holdings Inc. priced a $1.155 million issue of 17% annualized reverse exchangeable notes due Nov. 15, 2007 linked to the common stock of Yamana Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Yamana Gold stock falls below the knock-in price of $10.275 - 75% of the initial share price - during the life of the notes and finishes below its initial share price of $13.70, in which case the payout will be a number of Yamana Gold 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: | Yamana Gold Inc.
|
| Amount: | $1.155 million
|
| Maturity: | Nov. 15, 2007
|
| Coupon: | 17%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Yamana Gold stock falls below the knock-in price of $10.275 during the life of the notes and finishes below its initial share price, in which case payout will be 72.9927 Yamana Gold shares
|
| Initial share price: | $13.70
|
| Knock-in price: | $10.275, 75% of $13.70
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | 2.175%
|
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