New Issue: Lehman sells $1.5 million 12.05% reverse exchangeables linked to Helix Energy

By Laura Lutz

Des Moines, Aug. 27 - Lehman Brothers Holdings Inc. priced a $1.5 million issue of 12.05% reverse exchangeable notes due Feb. 28, 2008 linked to the common stock of Helix Energy Solutions Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par unless Helix stock falls below the knock-in price of $25.746 - 70% of the initial value - during the life of the notes and finishes below its initial price of $36.78, in which case the payout will be a number of Helix shares equal to $1,000 divided by the initial share price.

Lehman Brothers Inc. is the agent.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Reverse exchangeable notes
Underlying stock:	Helix Energy Solutions Group, Inc. (NYSE: HLX)
Amount:	$1.5 million
Maturity:	Feb. 28, 2008
Coupon:	12.05%, payable monthly
Price:	Par
Payout at maturity:	Par unless Helix stock falls below the knock-in price of $25.746 during the life of the notes and finishes below its initial value, in which case payout will be a number of shares equal to $1,000 divided by the initial share price
Initial price:	$36.78
Knock-in price:	$25.746, 70% of $36.78
Pricing date:	Aug. 23
Settlement date:	Aug. 28
Agent:	Lehman Brothers Inc.
Fee:	1.75%

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