New Issue: Lehman prices $0.231 million 10% reverse convertibles linked to AT&T

New York, June 12 - Lehman Brothers Holdings Inc. priced $0.231 million of 10% reverse convertible notes due June 11, 2009 linked to AT&T Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless AT&T shares fall below the protection price of $29.776, 80% of the initial price of $37.22, during the life of the notes and finishes below the initial price in which case the payout will be AT&T shares equal to $1,000 principal amount divided by the initial price.

Lehman Brothers is the agent.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Reverse convertible notes
Underlying stock:	AT&T Inc. (Symbol: T)
Amount:	$0.231 million
Maturity:	June 11, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AT&T stock falls below the protection price of $29.776, 80% of the initial price, and finishes below the initial price, in which case AT&T shares equal to $1,000 principal amount divided by the initial price
Initial price:	$37.22
Protection price:	$29.776, 80% of $37.22
Pricing date:	June 10
Settlement date:	June 11
Agent:	Lehman Brothers
Fees:	2.835%

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