New Issue: Lehman prices $0.5 million 26.9% reverse convertibles linked to Tesoro

New York, June 25 - Lehman Brothers Holdings Inc. priced $0.5 million of 26.9% reverse convertible notes due Dec. 27, 2008 linked to Tesoro Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Tesoro shares fall below the protection price of $13.8255, 65% of the initial price of $21.27, during the life of the notes and finishes below the initial price in which case the payout will be Tesoro 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:	Tesoro Corp. (Symbol: TSO)
Amount:	$0.5 million
Maturity:	Dec. 27, 2008
Coupon:	26.9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Tesoro stock falls below the protection price of $13.8255, 65% of the initial price, and finishes below the initial price, in which case Tesoro shares equal to $1,000 principal amount divided by the initial price
Initial price:	$21.27
Protection price:	$13.8255, 65% of $21.27
Pricing date:	June 24
Settlement date:	June 27
Agent:	Lehman Brothers
Fees:	1.5%

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