New Issue: Lehman sells $3.3 million 12% reverse exchangeables linked to Bucyrus

By Laura Lutz

Des Moines, June 20 - Lehman Brothers Holdings Inc. priced a $3.3 million issue of 12% reverse exchangeable notes due June 28, 2008 linked to the common stock of Bucyrus International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par unless Bucyrus stock falls below the knock-in price of $42.924 - 60% of the initial share - during the life of the notes and finishes below its initial share price of $71.54, in which case the payout will be a number of Bucyrus shares equal to $1,000 divided by the initial share price.

Lehman Brothers is the underwriter.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Reverse exchangeable notes
Underlying stock:	Bucyrus International, Inc.
Amount:	$3.3 million
Maturity:	June 28, 2008
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par unless Bucyrus stock falls below the knock-in price of $42.924 during the life the notes and finishes below its initial share price, in which case payout will be a number of Bucyrus shares equal to $1,000 divided by the initial share price
Initial share price:	$71.54
Knock-in price:	$42.924, 60% of $71.54
Pricing date:	June 19
Settlement date:	June 28
Underwriter:	Lehman Brothers
Fees:	2.2%

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