By Laura Lutz
Des Moines, June 22 - Lehman Brothers Holdings Inc. priced a $1 million issue of 13.55% reverse exchangeable notes due June 26, 2008 linked to the common stock of Credence Systems Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Credence stock falls below the knock-in price of $2.334 - 60% of the initial share price - during the life of the notes and finishes below its initial share price of $3.89, in which case the payout will be a number of Credence shares equal to $1,000 divided by the initial share price.
Lehman Brothers is the underwriter.
Issuer: | Lehman Brothers Holdings Inc.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Credence Systems Corp.
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Amount: | $1 million
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Maturity: | June 26, 2008
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Coupon: | 13.55%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Credence stock falls below the knock-in price of $2.334 during the life the notes and finishes below its initial share price, in which case payout will be 257.0694 Credence shares
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Initial share price: | $3.89
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Knock-in price: | $2.334, 60% of $3.89
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Pricing date: | June 21
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Settlement date: | June 26
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Underwriter: | Lehman Brothers
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Fees: | 3.25%
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