Published on 4/29/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $1.27 million 14% reverse exchangeables linked to Visa
By E. Janene Geiss
Philadelphia, April 29 - Lehman Brothers Holdings Inc. priced $1,274,000 of 14% annualized reverse exchangeable notes due July 30, 2008 linked to the common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Visa shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Visa Inc. (Symbol: V)
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Amount: | $1,274,000
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Maturity: | July 30, 2008
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the barrier price during the life of the notes and finishes below the initial share price, 16.66445 shares; otherwise, par
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Initial share price: | $75.10
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Barrier price: | $60.080, 80% of initial price
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | Lehman Brothers Inc.
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Fees: | 2.965%
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