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Lehman Brothers UK preferreds from three series subject to tenders
By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Three series of preferred securities guaranteed by Lehman Brothers Holdings plc are the subject of capped tender offers launched by Scalene Funding, LLC, according to notice.
The preferred securities include:
• The outstanding €173,825,000 of the original €225 million fixed-rate- to CMS-linked guaranteed non-voting noncumulative perpetual preferred securities issued by Lehman Brothers UK Capital Funding I LP;
• The €250 million of euro fixed-rate guaranteed non-voting noncumulative perpetual preferred securities issued by Lehman Brothers UK Capital Funding II LP; and
• The outstanding €373.7 million of the original €500 million fixed/floating enhanced capital advantaged preferred securities issued by Lehman Brothers UK Capital Funding III LP.
The offer price is 7% of the liquidation preference for the Capital Funding I and Capital Funding II preferred securities, which each have a tender cap of €120 million, and 8.25% of the liquidation preference for the Capital Funding III preferred securities, which have a tender cap of €100 million.
The offers expire at 11 a.m. ET on March 21, and tenders may be withdrawn until the expiration time.
If the maximum acceptance amount is exceeded for any series, securities tendered from that series will be accepted on a pro rata basis.
Settlement is expected to take place two business days after the offers expire.
D.F. King Ltd. (+44 20 7920-9700, +852-3953-7230 or lehman@dfkingltd.com) is the tender and information agent.
The issuers and guarantor are affiliates of New York-based Lehman Brothers Holdings Inc.
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