Published on 4/29/2008 in the Prospect News Structured Products Daily.
New Issue: Lehman prices $106,000 13.75% reverse exchangeables linked to Whole Foods
By Susanna Moon
Chicago, April 29 - Lehman Brothers Holdings Inc. priced $106,000 of 13.75% annualized reverse exchangeable notes due Oct. 30, 2008 linked to the common stock of Whole Foods Market, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Whole Foods stock falls by more than 25% 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 Whole Foods 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.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Whole Foods Market, Inc. (Symbol: WFMI)
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Amount: | $106,000
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Maturity: | Oct. 30, 2008
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Coupon: | 13.75% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If the stock closes below the trigger price during the life of the notes and the final share price is less than the initial share price, 32.0616 Whole Foods; otherwise, par
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Initial share price: | $31.19
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Trigger price: | $23.3925, or 75% of initial share price
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | Lehman Brothers Inc.
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Fees: | 2.725%
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