Published on 8/19/2004 in the Prospect News Convertibles Daily.
New Issue: Lehman prices $12.4 million 0.25% up 17.9% notes linked to Devon Energy
New York, Aug. 19 - Lehman Brothers Holdings Inc. priced $12.4 million 0.25% notes performance linked to Devon Energy Corp. common stock, according to a 424B5 filing with the Securities and Exchange Commission.
The notes have a cash or stock payout at maturity linked to Devon Energy stock and can be converted at any time for stock at the holder's option.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Performance-linked medium-term senior notes
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Underlying stock: | Devon Energy Corp.
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Amount: | $12.4 million
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Greenshoe: | $1.86 million
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Maturity: | Aug. 23, 2011
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Coupon: | 0.25%
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Price: | Par
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Exchange premium: | 17.9%
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Exchange price: | $78.09696
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Exchange ratio: | 12.8046, for stock, at any time
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Payout at maturity: | Greater of par in cash or percentage appreciation above exchange price (17.9% above $66.24 price Lehman paid to hedge notes) in cash or stock at Lehman's option
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Call: | Aug. 16, 2007 onwards with same payout calculation as at maturity
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Dividend protection: | Conversion ratio adjustment
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Pricing date: | Aug. 16
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Settlement date: | Aug. 23
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Underwriter: | Lehman Brothers
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Distribution: | Off shelf
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