Published on 9/27/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman sells $2.9 million 15.1% reverse exchangeables linked to Under Armour
By Laura Lutz
Des Moines, Sept. 27 - Lehman Brothers Holdings Inc. priced a $2.9 million issue of 15.1% reverse exchangeable notes due Dec. 28, 2007 linked to the common stock of Under Armour, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par unless Under Armour stock falls below the knock-in price of $44.835 - 70% of the initial value - during the life of the notes and finishes below its initial price of $64.05. In that case, the payout will be a number of Under Armour shares equal to $1,000 divided by the initial share price.
Lehman Brothers Inc. is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Under Armour, Inc. (NYSE: UA)
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Amount: | $2.9 million
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Maturity: | Dec. 28, 2007
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Coupon: | 15.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Under Armour stock falls below the knock-in price of $44.835 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: | $64.05
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Knock-in price: | $44.835, 70% of $64.05
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Pricing date: | Sept. 25
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Settlement date: | Sept. 28
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Agent: | Lehman Brothers Inc.
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Fees: | 1.8%
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