Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $0.224 million 30% reverse convertibles linked to AMR
New York, May 29 - Lehman Brothers Holdings Inc. priced $0.224 million of 30% reverse convertible notes due Aug. 30, 2008 linked to AMR Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless AMR shares fall below the protection price of $4.104, 60% of the initial price of $6.84, during the life of the notes and finishes below the initial price in which case the payout will be AMR 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: | AMR Corp. (Symbol: AMR)
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Amount: | $0.224 million
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Maturity: | Aug. 30, 2008
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Coupon: | 30%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless AMR stock falls below the protection price of $4.104, 60% of the initial price, and finishes below the initial price, in which case AMR shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $6.84
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Protection price: | $4.104, 60% of $6.84
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Pricing date: | May 27
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Settlement date: | May 30
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Agent: | Lehman Brothers
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Fees: | 3.625%
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