New York, June 14 - Lehman Brothers Holdings Inc. sold $20 million of 0.25% seven-year notes performance-linked to Jacobs Engineering Group Inc. common stock, according to a filing with the Securities and Exchange Commission.
At maturity, the notes pay the greater of par or the appreciation of Jacobs stock above $44.1941, calculated five business days before maturity. The level of $44.1941 is 17.5% above $37.6120, the average price per share Lehman paid to hedge its obligations on the notes, according to the filing.
The securities were priced on June 12 via Lehman Brothers. Jacobs stock closed at $37.44 on June 12.
| Issuer: | Lehman Brothers Holdings Inc.
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| Issue: | Performance-linked senior unsecured notes
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| Amount: | $20 million
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| Price: | Par
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| Maturity: | June 19, 2009
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| Coupon: | 0.25% payable semi-annually beginning Dec. 19, 2002
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| Payout at maturity: | Greater of par plus accrued interest or appreciation of Jacobs stock above $44.1941
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| Call: | June 12, 2005 onwards using same formula as payout at maturity
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| Put: | At any time at price reflecting appreciation (or loss) relative to $44.1941
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| Settlement: | June 19
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