By Susanna Moon
Chicago, May 29 - Lehman Brothers Holdings Inc. priced $100,000 of 23% annualized reverse exchangeable notes due Nov. 30, 2008 linked to the worst-performing stock in a basket of common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Visa Inc., MasterCard Inc. and American Express Co.
Interest is payable monthly.
If any stock in the basket falls below its trigger price - 75% of its initial share price - during the life of the notes and any stock finishes below its initial share price, the payout at maturity will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price.
Otherwise, investors will receive par.
Lehman Brothers Inc. is the underwriter.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Reverse exchangeables
|
| Underlying stocks: | Visa Inc., MasterCard Inc. and American Express Co.
|
| Amount: | $100,000
|
| Maturity: | Nov. 30, 2008
|
| Coupon: | 23%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If any stock falls below its trigger price during the life of the notes and any stock finishes below its initial share price, shares of worst-performing stock equal to par divided by initial price of that stock, or equivalent in cash; otherwise, par
|
| Trigger price: | 75% of the initial price
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | 2.34%
|
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