By Laura Lutz
Des Moines, Aug. 28 - Lehman Brothers Holdings Inc. priced a $580 million issue of extendible floating-rate senior notes (A1/A+) on Monday, according to an FWP filing with the Securities and Exchange Commission.
The maturity date is initially Sept. 27, 2008. Holders may choose to extend the maturity of all or part of their notes for one year from the 27th day of any month during the life of the notes.
The final maturity date will not be later than June 27, 2013.
The notes will bear interest at Libor plus a given spread. The spread will initially be 30 basis points. It will be increased to 40 bps on June 27, 2008, to 50 bps on June 27, 2009, to 60 bps on June 27, 2010 and to 70 bps on June 27, 2011.
Interest will be payable quarterly.
The notes will be callable at par plus accrued interest on any interest payment date beginning on June 27, 2012.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Amount: | $580 million
|
| Maturity: | Sept. 27, 2008 initially; may be extended to no later than June 27, 2013
|
| Security description: | Extendible floating-rate senior notes
|
| Underwriter: | Lehman Brothers Inc.
|
| Coupon: | Libor plus spread, payable quarterly
|
| Price: | Par
|
| Spread: | 30 bps initially; rises to 40 bps on June 27, 2008, to 50 bps on June 27, 2009, to 60 bps on June 27, 2010 and 70 bps on June 27, 2011
|
| Call: | For par plus accrued interest on any interest payment date from June 27, 2012
|
| Trade date: | Aug. 27
|
| Settlement date: | Aug. 30
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
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