By Laura Lutz
Des Moines, Feb. 28 - Lehman Brothers Holdings Inc. priced $2.01 million of 15% reverse exchangeable notes due May 29, 2008 linked to the common stock of Garmin Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Garmin stock falls below the knock-in price of $37.068 - 60% of the initial value - during the life of the notes and finishes below its initial price of $61.78, the payout at maturity will be a number of Garmin shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Lehman Brothers Inc. is the agent.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Garmin Ltd. (NYSE: GRMN)
|
| Amount: | $2,006,000
|
| Maturity: | May 29, 2008
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Garmin stock falls below the knock-in price of $37.068 during the life the notes and finishes below its initial value, a number of shares equal to par divided by the initial share price; otherwise, par
|
| Initial price: | $61.78
|
| Knock-in price: | $37.068, 60% of $61.78
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 29
|
| Agent: | Lehman Brothers Inc.
|
| Fees: | 1.25%
|
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