Lehman to issue warrants linked to the yen

By Angela McDaniels

Seattle, Dec. 7 - Lehman Brothers Holdings Inc. plans to price an issue of warrants due June 2008 linked to the Japanese yen, according to a 424B5 filing with the Securities and Exchange Commission.

The warrants will price sometime in December at between $6.00 and $6.50 each and will be sold in bundles of 100.

The warrants are exercisable at any time. Upon exercise of each warrant, investors will receive the notional amount of the warrant, $90.00, multiplied by the percentage change in the dollar/yen spot exchange rate.

Any warrants that remain outstanding on the expiration date will be automatically exercised on that date.

Lehman plans to list the warrants on the American Stock Exchange under the symbol "BYW.WS."

Lehman Brothers Inc. and Oppenheimer & Co. will be the underwriters for the offering and have been granted a greenshoe.

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