By Laura Lutz
Des Moines, March 10 - Lehman Brothers Holdings Inc. priced a $261,000 issue of 14.5% reverse exchangeable notes due Sept. 11, 2008 linked to American Depositary Shares representing common stock of Companhia Vale do Rio Doce (CVRD), according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If CVRD stock falls below the knock-in price of $25.5825 - 75% of the initial value - during the life of the notes and finishes below its initial price of $34.11, the payout at maturity will be a number of CVRD 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: | Companhia Vale do Rio Doce (Symbol: RIO)
|
| Amount: | $261,000
|
| Maturity: | Sept. 11, 2008
|
| Coupon: | 14.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If CVRD stock falls below the knock-in price of $25.5825 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: | $34.11
|
| Knock-in price: | $25.5825, 75% of $34.11
|
| Pricing date: | March 6
|
| Settlement date: | March 11
|
| Agent: | Lehman Brothers Inc.
|
| Fees: | 3.31%
|
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