New Issue: Lehman prices $31 million 20% Yeelds linked to United Technologies

By Jennifer Chiou

New York, Aug. 9 - Lehman Brothers Holdings Inc. priced $31 million of 20% notes due Aug. 15, 2007 structured as Yield Enhanced Equity-Linked Debt Securities (Yeelds) linked to United Technologies Corp. stock, according to a 424B5 filing with the Securities and Exchange Commission.

At maturity, investors will receive the final value of United Technologies stock during the averaging period - the last five trading days - capped at $62.55, the initial value, which will be payable in stock or cash at Lehman's option.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Yeelds (Yield Enhanced Equity-Linked Debt Securities) medium-term senior series I notes
Underlying stock:	United Technologies Corp.
Amount:	$31,000,030.20
Greenshoe:	$4,649,967
Maturity:	Aug. 15, 2007
Coupon:	20%, payable quarterly
Price:	Par of $62.55
Payout at maturity:	Final value of United Technologies stock during the averaging period, the last five trading days, capped at $62.55, payable in stock or cash at Lehman's option
Pricing date:	Aug. 7
Settlement date:	Aug. 14
Underwriter:	Lehman Brothers Inc.

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