Lehman plans to price 5-year non-inversion notes

By E. Janene Geiss

Philadelphia, July 16 - Lehman Brothers Holdings Inc. plans to price an issue of 5-year non-inversion notes due July 31, 2012 that is non-callable for three months, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly. The coupon amount is expected to be between 7% and 8% to Oct. 31, 2007, with the exact coupon set at pricing. After that, the coupon will be between 7% and 8% multiplied by the proportion of days for which the 10-year Constant Maturity Swap (CMS) rate is higher than the two-year CMS rate.

The notes are callable at par on each interest payment date beginning Oct. 31, 2007.

The notes are expected to price July 26 and settle July 31.

Lehman Brothers Inc. is manager.

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