Lehman plans issue of 13.76% Rangers linked to Fording Canadian Coal

By Angela McDaniels

Seattle, Sept. 11 - Lehman Brothers Holdings Inc. plans to price an issue of 13.76% Risk Adjusting Equity Range Securities (Rangers) due Sept. 15, 2007 linked to the units of Fording Canadian Coal Trust, according to a 424B5 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The Rangers are expected to settle on Sept. 14.

Payout at maturity will be par, payable in cash or stock at Lehman's option, if Fording units remain above the threshold value during the life of the notes or finish above the initial unit price. Otherwise, investors will be fully exposed to any loss.

The threshold value will be 70% of the units' initial price.

Lehman Brothers Inc. will be the underwriter for the offering and will be granted an over-allotment option.

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