New Issue: Lehman prices $0.796 million 14% reverse convertibles linked to Visa

New York, June 27 - Lehman Brothers Holdings Inc. priced $0.796 million of 14% reverse convertible notes due Sept. 30, 2008 linked to Visa Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Visa shares fall below the protection price of $65.648, 80% of the initial price of $82.06, during the life of the notes and finish below the initial price in which case the payout will be Visa 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:	Visa Inc. (Symbol: V)
Amount:	$0.796 million
Maturity:	Sept. 30, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Visa shares fall below the protection price of $65.648, 80% of the initial price, and finish below the initial price, in which case Visa shares equal to $1,000 principal amount divided by the initial price
Initial price:	$82.06
Protection price:	$65.648, 80% of $82.06
Pricing date:	June 25
Settlement date:	June 30
Agent:	Lehman Brothers
Fees:	2.47%

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