New Issue: Lehman prices $26.4 million 8.25% Pies linked to Raytheon

New York, Oct. 7 - Lehman Brothers Holdings Inc. priced $26.4 million 8.25% Premium Income Exchangeable Securities (Pies) linked to Raytheon Co. common stock, according to a filing with the Securities and Exchange Commission.

Issuer:	Lehman Brothers Holdings Inc.
Issue:	Premium Income Exchangeable Securities (Pies) medium-term notes
Underlying stock:	Raytheon Co.
Amount:	$26.537 million (proceeds), $26.4 million (principal)
Greenshoe:	$3.981 million (proceeds), $3.96 million (principal)
Maturity:	May 15, 2004
Coupon:	8.25%, payable quarterly beginning Nov. 15, 2003 (short first coupon)
Price:	100.52 ($50.26 versus par of $50)
Payout at maturity:	1.8182 shares if Raytheon Co. stock is below $27.50
	1.4903 shares if Raytheon Co. stock is above $33.55
	Otherwise par
	Payable in cash or stock, at holder's option
Put:	May 5, 2004 in stock at 1.4903 shares per note
Pricing date:	Oct. 3
Settlement:	Oct. 10
Underwriter:	Lehman Brothers

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