New Issue: Lehman prices $7 million 21.68% Rangers linked to Cray stock

New York, Feb. 3 - Lehman Brothers Holdings Inc. priced $7 million of one-year 21.68% Rangers (Risk AdjustiNG Equity Range Securities) linked to the common stock of Cray Inc., according to a 424B5 filing with the Securities and Exchange Commission.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Rangers (Risk AdjustiNG Equity Range Securities) medium-term notes
Underlying stock:	Cray Inc.
Amount:	$7 million
Greenshoe:	$1.05 million
Maturity:	Feb. 7, 2005
Coupon:	21.68%, payable quarterly
Price:	Par
Payout at maturity:	If stock falls below threshold level at any time before maturity, smaller of par in cash or par multiplied by closing level of Cray stock divided by initial value of Cray stock
Initial value:	$7.76
Threshold value:	$5.432 (70% of initial value of $7.76 paid by Lehman to hedge obligation)
Pricing date:	Jan. 30
Settlement date:	Feb. 6
Listing:	"CXA.A" on American Stock Exchange
Underwriter:	Lehman Brothers

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