By Jennifer Chiou
New York, Aug. 7 - Lehman Brothers Holdings Inc. priced a $1.44 million offering of 10.5% reverse exchangeable notes due Feb. 11, 2009 linked to the least-performing stock in a basket of common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Johnson & Johnson, Coca-Cola Co. and the Procter & Gamble Co.
Interest is payable monthly.
If any stock in the basket falls below its trigger price - 85% of its initial share price - during the life of the notes and any stock finishes below its initial share price, the payout 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 is the agent.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stocks: | Johnson & Johnson, Coca-Cola Co., Procter & Gamble Co.
|
| Amount: | $1,441,000
|
| Maturity: | Feb. 11, 2009
|
| Coupon: | 10.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | A number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price if any stock in the basket falls below its trigger price, 85% of its initial share price, during the life of the notes and any stock finishes below its initial share price; otherwise par
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 11
|
| Agent: | Lehman Brothers
|
| Fees: | 2.8%
|
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