Published on 3/17/2005 in the Prospect News Convertibles Daily.
New Issue: Lehman prices $57.6 million notes linked to Whole Foods Market at 1.25%, up 19.85%
New York, March 17 - Lehman Brothers Holdings Inc. priced $57.6 million of 1.25% seven-year notes performance linked to Whole Foods Market, Inc. common stock with a 19.85% initial exchange premium, according to a 424B5 filing with the Securities and Exchange Commission.
The notes have a cash or stock payout at maturity linked to Whole Foods Market 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: | Whole Foods Market, Inc.
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Amount: | $57.6 million
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Greenshoe: | $8.64 million
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Maturity: | March 22, 2012
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Coupon: | 1.25%
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Price: | Par
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Yield: | 1.25%
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Exchange premium: | 19.85%
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Exchange price: | $121.180335
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Payout at maturity: | Greater of par in cash or percentage appreciation above exchange price (19.85% above $101.11 price Lehman paid to hedge notes), in cash or stock at Lehman's option
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Call: | March 15, 2008 onwards with same payout calculation as at maturity
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Dividend protection: | Conversion ratio adjustment
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Pricing date: | March 15
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Settlement date: | March 22
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Underwriter: | Lehman Brothers
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Distribution: | Off shelf
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