By E. Janene Geiss
Philadelphia, April 3 - Lehman Brothers Holdings Inc. priced $5 million of 15-year non-callable for six months steepener notes due April 21, 2023 in a variable price re-offer, according to an FWP filing with the Securities and Exchange Commission.
The notes will accrue interest at a rate to equal 10 times the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate. Interest will be at least 0% and payable quarterly.
Interest is payable quarterly.
The notes are callable at par on each interest payment date beginning Oct. 21, 2008.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | 15-year non-callable for six months steepener notes
|
| Amount: | $5 million tranche
|
| Maturity: | April 21, 2023
|
| Coupon: | 10 times spread of 30-year CMS rate over two-year CMS rate; floor of 0%; reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus accrued interest
|
| Call: | At par on any interest payment date beginning Oct. 21, 2008
|
| Pricing date: | April 2
|
| Settlement date: | April 21
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | 2.4%
|
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