Published on 3/26/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $718,000 18% reverse exchangeables linked to Nordstrom
By Jennifer Chiou
New York, March 26 - Lehman Brothers Holdings Inc. priced $718,000 of 18% annualized reverse exchangeable notes due May 30, 2008 linked to the common stock of Nordstrom, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Nordstrom shares fall by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Nordstrom shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
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: | Nordstrom, Inc. (Symbol: JWN)
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Amount: | $718,000
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Maturity: | May 30, 2008
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Coupon: | 18%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock closes below the trigger price during the life of the notes and finishes below the initial share price, a number of Nordstrom shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value; otherwise, par
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Initial share price: | $37.00
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Trigger price: | $25.90, 70% of initial share price
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Pricing date: | March 25
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Settlement date: | March 28
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Underwriter: | Lehman Brothers Inc.
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Fees: | 1.65%
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