Published on 11/16/2004 in the Prospect News Convertibles Daily.
New Issue: Lehman prices $12.37 million 1% up 16.6% notes linked to Cendant
New York, Nov. 16 - Lehman Brothers Holdings Inc. priced $12.37 million 1% seven-year notes performance linked to Cendant Corp. common stock, according to a 424B5 filing with the Securities and Exchange Commission.
The notes have a cash or stock payout at maturity linked to Cendant and can be converted at any time for stock at the holder's option.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Performance-linked medium-term senior notes
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Underlying stock: | Cendant Corp.
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Amount: | $12.365 million
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Greenshoe: | $1.854 million
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Maturity: | Nov. 19, 2011
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Coupon: | 1%
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Price: | Par
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Yield: | 1%
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Exchange premium: | 16.6%
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Exchange price: | $27.6084
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Exchange ratio: | 37.4414, for stock, at any time
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Payout at maturity: | Greater of par in cash or percentage appreciation above exchange price (16.6% above $27.6084 price Lehman paid to hedge notes) in cash or stock at Lehman's option
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Call: | Nov. 12, 2007 onwards with same payout calculation as at maturity
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Dividend protection: | Conversion ratio adjustment
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Pricing date: | Nov. 2
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Settlement date: | Nov. 19
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Underwriter: | Lehman Brothers
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Distribution: | Off shelf
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