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Lehman plans to price 20NC1 spread range accrual notes linked to CMS rates
By E. Janene Geiss
Philadelphia, Jan. 31 - Lehman Brothers Holdings Inc. plans to price an issue of CMS spread range accrual notes due February 2028, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly and equal to 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%. The exact interest rate will be determined at pricing. Interest for each quarter will be at least 0%.
The notes are callable at par on any interest payment date in February 2009 with the exact date determined at pricing.
The notes are expected to price and settle in February.
Lehman Brothers Inc. is the underwriter.
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