Published on 6/20/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman sells $500,000 9.05% reverse exchangeables linked to Toyota
By Laura Lutz
Des Moines, June 20 - Lehman Brothers Holdings Inc. priced a $500,000 issue of 9.05% reverse exchangeable notes due June 25, 2008 linked to the common stock of Toyota Motor Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Toyota stock falls below the knock-in price of $99.992 - 80% of the initial share price - during the life of the notes and finishes below its initial share price of $124.99, in which case the payout will be a number of Toyota 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: | Toyota Motor Corp.
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Amount: | $500,000
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Maturity: | June 25, 2008
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Coupon: | 9.05%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Toyota stock falls below the knock-in price of $99.992 during the life the notes and finishes below its initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial share price
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Initial share price: | $124.99
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Knock-in price: | $99.992, 80% of $124.99
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Pricing date: | June 18
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Settlement date: | June 25
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Underwriter: | Lehman Brothers
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Fees: | 2.5%
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