Published on 5/13/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $0.9 million 14.25% reverse convertibles linked to Monsanto
New York, May 13 - Lehman Brothers Holdings Inc. priced $0.9 million of 14.25% reverse convertible notes due Aug. 15, 2008 linked to Monsanto Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Monsanto stock falls below the protection price of $79.183, 65% of the initial price of $121.82, during the life of the notes and finishes below the initial price in which case the payout will be Monsanto shares equal to $1,000 principal amount divided by the initial price.
Lehman Brothers is the agent.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse convertible notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $0.9 million
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Maturity: | Aug. 15, 2008
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Coupon: | 14.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monsanto stock falls below the protection price of $79.183, 65% of the initial price, and finishes below the initial price, in which case Monsanto shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $121.82
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Protection price: | $79.183, 65% of $121.82
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Pricing date: | May 12
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Settlement date: | May 15
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Agent: | Lehman Brothers
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Fees: | 1.4%
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