New Issue: Lehman prices $500,000 single barrier range notes linked to crude oil

By E. Janene Geiss

Philadelphia, Sept. 10 - Lehman Brothers Holdings Inc. priced a $500,000 issue of 0% single-barrier principal-protected range notes due Dec. 14, 2007 linked to light sweet crude oil, according to an FWP filing with the Securities and Exchange Commission.

At maturity, investors will receive par plus 2.5% if the price of crude stays below the upper barrier of $84.37 - 110% of the initial price - and above the lower barrier of $69.03 - 90% of the initial price - on each business day during the life of the notes. Investors will receive a minimum of par.

Lehman Brothers is the agent.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Single barrier principal-protected range notes
Underlying asset:	Light sweet crude oil
Amount:	$500,000
Maturity:	Dec. 14, 2007
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 2.5% of the return on crude oil if the price of crude stays below the upper barrier of $84.37 - 110% of the initial price - and $69.03 - 90% of the initial price - on each business day during the life of the notes. Investors will receive a minimum of par
Initial price:	$76.70
Upper barrier:	$84.37, 110% of initial price
Lower barrier:	$69.03, 90% of initial price
Pricing date:	Sept. 7
Settlement date:	Sept.14
Underwriter:	Lehman Brothers Inc.
Fees:	3%, including selling concessions

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