By Laura Lutz
Des Moines, April 10 - Lehman Brothers Holdings Inc. priced a $700,000 issue of 17.8% reverse exchangeable notes due Oct. 14, 2008 linked to the common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Visa stock falls below the knock-in price of $49.343 - 75% of the initial value - during the life of the notes and finishes below its initial price of $65.79, the payout at maturity will be a number of Visa shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Lehman Brothers Inc. is the agent.
| Issuer: | Lehman Brothers Holdings Inc.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Visa Inc. (NYSE: V)
|
| Amount: | $700,000
|
| Maturity: | Oct. 14, 2008
|
| Coupon: | 17.8%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Visa stock falls below the knock-in price of $49.343 during the life the notes and finishes below its initial value, a number of shares equal to par divided by the initial share price; otherwise, par
|
| Initial price: | $65.79
|
| Knock-in price: | $49.343, 75% of $65.79
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Agent: | Lehman Brothers Inc.
|
| Fees: | 1.5%
|
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