Published on 6/26/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $1.5 million 17.5% reverse convertibles linked to U.S. Steel
New York, June 26 - Lehman Brothers Holdings Inc. priced $1.5 million of 17.5% reverse convertible notes due July 1, 2009 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $134.372, 70% of the initial price of $191.96, during the life of the notes and finishes below the initial price in which case the payout will be U.S. Steel 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: | United States Steel Corp. (Symbol: X)
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Amount: | $1.5 million
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Maturity: | July 1, 2009
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Steel stock falls below the protection price of $134.372, 70% of the initial price, and finishes below the initial price, in which case U.S. Steel shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $191.96
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Protection price: | $134.372, 70% of $191.96
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Pricing date: | June 25
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Settlement date: | July 1
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Agent: | Lehman Brothers
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Fees: | 2.5%
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