By E. Janene Geiss
Philadelphia, May 18 - Lehman Brothers Holdings Inc. upsized to $10 million an offering of steepener notes due May 23, 2022, according to an FWP filing with the Securities and Exchange Commission.
The notes first priced at $7 million on May 11.
The notes will pay interest at 10.75% through May 23, 2009. After that, the interest rate will be reset quarterly and will equal 50 times the spread of the 30-year constant maturity swap (CMS) rate over the 10-year CMS rate, subject to a minimum interest rate of 0%.
Interest will be payable quarterly.
The notes are callable at par on each interest payment date beginning May 23, 2009.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Steepener notes
|
| Amount: | $10 million, up from $7 million
|
| Maturity: | May 23, 2022
|
| Coupon: | 10.75% through May 23, 2009; 50 times the spread of the 30-year CMS rate over the 10-year CMS rate after that; payable quarterly
|
| Price: | Par
|
| Call: | At par on each interest payment date beginning May 23, 2009
|
| Payout at maturity: | Par plus accrued interest
|
| Pricing date: | May 11
|
| Settlement date: | May 23
|
| Underwriter: | Lehman Brothers Inc.
|
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