By Susanna Moon
Chicago, Jan. 15 - Lehman Brothers Holdings Inc. priced $523,000 of 20.1% reverse exchangeable notes due April 17, 2008 linked to the common stock of United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If U.S. Steel stock falls below the knock-in price - 70% of the initial value - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of U.S. Steel shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Lehman Brothers Inc. is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | United States Steel Corp. (NYSE: X)
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Amount: | $523,000
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Maturity: | April 17, 2008
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Coupon: | 20.1%, payable monthly
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Price: | Par
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Payout at maturity: | If the stock falls below the knock-in price during the life of the notes and finishes below its initial value, a number of shares equal to par divided by the initial share price; otherwise, par
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Initial price: | $112.32
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Knock-in price: | $78.624, or 70% of initial price
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Pricing date: | Jan. 14
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Settlement date: | Jan. 17
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Underwriter: | Lehman Brothers Inc.
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Fees: | 1.75%
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