Lehman plans $51 million issue of 1% notes linked to Microsoft

By Angela McDaniels

Seattle, March 17 - Lehman Brothers Holdings Inc. plans to sell a $50,945,000 issue of 1% notes due March 23, 2009 performance linked to Microsoft Corp. stock, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are expected to settle on or about March 23.

Payout at maturity will be par plus any percentage increase over the threshold price, which will be 113.5% of the price Lehman paid to hedge the notes. The payout will have a floor of par and will be payable in cash or stock at Lehman's option.

Lehman said it will grant a $7,641,750 greenshoe to underwriter Lehman Brothers.

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