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Lehman Brothers plans issue of Rapids linked to S&P 500
By Jennifer Chiou
New York, May 11 - Lehman Brothers Holdings Inc. plans to price an issue of 0% senior unsecured notes due June 2008 in the Return-Accelerated Portfolio Debt Securities (Rapids) structure linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
At maturity, the notes will pay par plus double any gain on the basket. The return will be capped at between $1,160 and $1,200 per note, with the exact cap to be determined at pricing.
If the basket loses up to 10%, payout at maturity will be par. If the basket loses more than 10%, payout at maturity will be par less 1.1111 times any loss over 10%.
Lehman Brothers Inc. will be the underwriter.
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