By Laura Lutz
Des Moines, Feb. 26 - Lehman Brothers Holdings Inc. priced $5 million of CMS spread range accrual notes due March 17, 2028, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will bear interest at 11% per year through March 17, 2009. Thereafter, the interest rate will be 11% multiplied by the proportion of days on which the spread of the 30-year Constant Maturity Swap (CMS) rate over the 10-year CMS rate is at least 0%.
Interest for each quarter will be at least 0%.
The notes are callable at par on any interest payment date beginning March 17, 2009.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | CMS spread range accrual notes
|
| Amount: | $5 million
|
| Maturity: | March 17, 2028
|
| Coupon: | 11% until March 17, 2009; thereafter, 11% times proportion of days on which the spread of the 30-year CMS rate over 10-year CMS rate is at least 0%; payable quarterly with a floor of 0%
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call: | At par on interest payment dates beginning March 17, 2009
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 17
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | 3%
|
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