Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $0.777 million 15% reverse convertibles linked to DryShips
New York, May 29 - Lehman Brothers Holdings Inc. priced $0.777 million of 15% reverse convertible notes due Aug. 30, 2008 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless DryShips shares fall below the protection price of $52.218, 60% of the initial price of $87.03, during the life of the notes and finishes below the initial price in which case the payout will be DryShips 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: | DryShips Inc. (Symbol: DRYS)
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Amount: | $0.777 million
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Maturity: | Aug. 30, 2008
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless DryShips stock falls below the protection price of $52.218, 60% of the initial price, and finishes below the initial price, in which case DryShips shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $87.03
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Protection price: | $52.218, 60% of $87.03
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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: | 2.83%
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