Published on 6/11/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman sells $300,000 10.75% reverse exchangeables linked to FedEx
By Laura Lutz
Des Moines, June 11 - Lehman Brothers Holdings Inc. priced a $300,000 issue of 10.75% reverse exchangeable notes due Dec. 12, 2007 linked to the common stock of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless FedEx stock falls below the knock-in price of $91.29 - 85% of the initial share price - during the life of the notes and finishes below its initial share price of $107.40, in which case the payout will be a number of FedEx shares equal to $1,000 divided by the initial share price.
Lehman Brothers is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | FedEx Corp.
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Amount: | $300,000
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Maturity: | Dec. 12, 2007
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless FedEx stock falls below the knock-in price of $91.29 during the life the notes and finishes below its initial share price, in which case payout will be 9.31099 FedEx shares
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Initial share price: | $107.40
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Knock-in price: | $91.29, 85% of $107.40
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Pricing date: | June 7
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Settlement date: | June 12
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Underwriter: | Lehman Brothers
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Fees: | 0.5%
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