By Laura Lutz
Des Moines, Jan. 31 - Lehman Brothers Holdings Inc. priced a $671,000 issue of 20% reverse exchangeable notes due April 30, 2008 linked to the common stock of Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Target stock falls below the knock-in price of $42.776 - 80% of the initial value - during the life of the notes and finishes below its initial price of $53.47, the payout at maturity will be a number of Target shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Target Corp. (Symbol: TGT)
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Amount: | $671,000
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Maturity: | April 30, 2008
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | If Target stock falls below the knock-in price of $42.776 during the life of the notes and finishes below its initial value, a number of shares equal to par divided by the initial share price; otherwise, par
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Initial price: | $53.47
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Knock-in price: | $42.776, 80% of $53.47
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Underwriter: | Lehman Brothers Inc.
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Fees: | 1.975%
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