By Laura Lutz
Des Moines, April 16 - Lehman Brothers Holdings Inc. upsized its offering of 15-year non-callable for six months steepener notes due April 21, 2023 to $20 million from $15 million, according to an FWP filing with the Securities and Exchange Commission.
The notes will accrue interest at 10 times the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate. Interest will not be less than 0%.
Interest is payable and reset 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.
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Issue: | 15-year non-callable for six months steepener notes
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Amount: | $20 million, upsized from $5 million
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Maturity: | April 21, 2023
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Coupon: | 10 times spread of 30-year CMS rate over two-year CMS rate; floor of 0%; reset and payable quarterly
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Price: | Variable
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Payout at maturity: | Par plus accrued interest
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Call: | At par on any interest payment date beginning Oct. 21, 2008
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Pricing date: | April 2 for $5 million; April 4 for $5 million; April 10 for $5 million; April 16 for $5 million
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Settlement date: | April 21
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Underwriter: | Lehman Brothers Inc.
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Fees: | 2.4%
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