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Lehman plans to price 20NC1 CMS spread range accrual notes
By E. Janene Geiss
Philadelphia, Jan. 29 - Lehman Brothers Holdings Inc. plans to price CMS spread range accrual notes due in February 2028, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly and is expected to equal 10% multiplied by the proportion of days on which the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate is greater than or equal to 0.1%. Interest for each quarter will be at least 0%. The exact interest rate will be determined at pricing.
The notes will be callable at par on any interest payment date beginning in February 2009 with the exact date to be determined at pricing.
The notes are expected to settle in February.
Lehman Brothers Inc. is the underwriter.
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