Published on 8/13/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman sells $500,000 of 24.3% reverse exchangeables linked to Southern Copper
By Laura Lutz
Des Moines, Aug. 13 - Lehman Brothers Holdings Inc. priced a $500,000 issue of 24.3% reverse exchangeable notes due Feb. 15, 2008 linked to the common stock of Southern Copper Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Southern Copper stock falls below the knock-in price of $67.928 - 70% of the initial value - during the life of the notes and finishes below its initial price of $97.04, in which case the payout will be a number of Southern Copper shares equal to $1,000 divided by the initial share price.
Lehman Brothers is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Southern Copper Corp. (Symbol: PCU)
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Amount: | $500,000
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Maturity: | Feb. 15, 2008
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Coupon: | 24.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Southern Copper stock falls below the knock-in price of $67.928 during the life the notes and finishes below its initial value, 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 price: | $97.04
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Knock-in price: | $67.928, 70% of $97.04
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Pricing date: | Aug. 10
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Settlement date: | Aug. 15
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Agent: | Lehman Brothers
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Fees: | 1.5%
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