By E. Janene Geiss
Philadelphia, Sept. 13 - Lehman Brothers Holdings Inc. priced a $2 million offering of steepener notes due Sept. 26, 2022, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay interest at 11.5% through Sept. 26, 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 will be payable quarterly.
The notes are callable at par on each interest payment date beginning Sept. 26, 2008.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Steepener notes
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Amount: | $2 million
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Maturity: | Sept. 26, 2022
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Coupon: | 11.5% through Sept. 26, 2008; 50 times the spread of the 30-year CMS rate over the 10-year CMS rate after that; minimum of 0%; payable quarterly
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Price: | Par
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Call: | At par on each interest payment date beginning Sept. 26, 2008
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Payout at maturity: | Par plus accrued interest
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Pricing date: | Sept. 12
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Settlement date: | Sept. 26
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Underwriter: | Lehman Brothers Inc.
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Fees: | None
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