Published on 11/29/2007 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $944,000 24.15% reverse exchangeables linked to Research In Motion
By E. Janene Geiss
Philadelphia, Nov. 29 - Lehman Brothers Holdings Inc. priced $944,000 of reverse exchangeable notes due Feb. 29, 2008 linked to the common stock of Research In Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 6.0375% for an annualized rate of 24.15%. Interest is payable monthly.
The payout at maturity will be par unless Research In Motion shares fall by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Research In Motion shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
|
Issue: | Reverse exchangeable notes
|
Underlying stock: | Research In Motion Ltd. (Symbol: RIMM)
|
Amount: | $944,000
|
Maturity: | Feb. 29, 2008
|
Coupon: | 24.15%, payable monthly
|
Price: | Par
|
Payout at maturity: | If Research In Motion shares close below the trigger price during the life of the notes and finish below the initial share price, 8.6445 Research In Motion shares or equivalent cash value; otherwise, par
|
Initial share price: | $115.68
|
Trigger price: | $80.976, 70% of initial share price
|
Pricing date: | Nov. 27
|
Settlement date: | Nov. 30
|
Underwriter: | Lehman Brothers Inc.
|
Fees: | 1.8%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.