Published on 5/30/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $1 million 14.75% reverse convertibles linked to Target
New York, May 30 - Lehman Brothers Holdings Inc. priced $1 million of 14.75% reverse convertible notes due June 3, 2009 linked to Target Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Target shares fall below the protection price of $37.66, 70% of the initial price of $53.80, during the life of the notes and finishes below the initial price in which case the payout will be Target 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: | Target Corp. (Symbol: TGT)
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Amount: | $1 million
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Maturity: | June 3, 2009
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Coupon: | 14.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Target stock falls below the protection price of $37.66, 70% of the initial price, and finishes below the initial price, in which case Target shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $53.80
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Protection price: | $37.66, 70% of $53.80
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Pricing date: | May 29
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Settlement date: | June 3
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Agent: | Lehman Brothers
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Fees: | 2.2%
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