By Jennifer Chiou
New York, Sept. 12 - Lehman Brothers Holdings Inc. priced a $1 million offering of steepener notes due Sept. 28, 2022, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay interest at 12% through March 28, 2008. After that, the interest rate will be reset quarterly and will equal 50 times the spread of the 30-year Constant Maturity Swap (CMS) rate over the 10-year CMS rate, subject to a minimum interest rate of 0%.
Interest is payable quarterly.
The notes are callable at par on each interest payment date beginning March 28, 2008.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Steepener notes
|
| Amount: | $1 million
|
| Maturity: | Sept. 28, 2022
|
| Coupon: | 12% through March 28, 2008; 50 times the spread of the 30-year CMS rate over the 10-year CMS rate after that; minimum of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus accrued interest
|
| Call: | At par on each interest payment date beginning March 28, 2008
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 28
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | None
|
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