Lehman plans issue of 17% Rangers linked to Sirius Satellite

By Jennifer Chiou

New York, April 12 - Lehman Brothers Holdings Inc. is planning to price an issue of 17% Rangers (Risk AdjustiNG Equity Range Securities) linked to Sirius Satellite Radio Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.

The coupon will be payable on the maturity date in 2007.

Payout will be determined according to the performance of Sirius Satellite stock during the life of the securities. If the company's stock falls below threshold level - 70% of the initial stock value - at any time before maturity, investors will receive the smaller of par in cash or par multiplied by closing level of Sirius Satellite stock divided by initial value of Sirius Satellite stock.

Lehman said it will apply to list the notes on the American Stock Exchange under "CXA.E."

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