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Scalene launches tender offer for three series of Lehman preferreds
By Marisa Wong
Morgantown, W.Va., April 25 – Scalene Funding, LLC has launched an offer to purchase for cash some preferred securities guaranteed by Lehman Brothers Holdings plc.
Scalene is offering to purchase the following:
• Up to €50 million of the €225 million fixed-rate to CMS-linked guaranteed non-voting non-cumulative perpetual preferred securities issued by Lehman Brothers UK Capital Funding I LP, of which €173,825,000 is outstanding;
• Up to €50 million of the €250 million euro fixed-rate guaranteed non-voting non-cumulative perpetual preferred securities issued by Lehman Brothers UK Capital Funding II LP, all €250 million of which is outstanding; and
• Up to €50 million of the €500 million fixed/floating enhanced capital advantaged preferred securities issued by Lehman Brothers UK Capital Funding III LP, of which €373.7 million is outstanding.
The purchase price is 10% of the liquidation preference for the Capital Funding I securities, 10% of the liquidation preference for the Capital Funding II securities and 11% of the liquidation preference for the Capital Funding III securities.
The offer expires at noon ET on May 23. Tenders may be withdrawn at any time before the deadline.
If the amount of tenders received exceeds the offer cap, the securities will be accepted on a pro rata basis.
Settlement is expected to occur on May 25.
D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, lehman@dfkingltd.com, https://sites.dfkingltd.com/lehman) is the tender and information agent.
Scalene is a special purpose vehicle managed by Farallon Capital Management, LLC.
The issuers and guarantor of the preferred securities are affiliates of New York-based Lehman Brothers Holdings Inc.
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