-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EmXm1vM/HOlmkgLvbcSoQyZ5rkEhc43sLhVkVPyvBw1gEmPiratEVJs2WOUrMCa1 Qm3ygLVIOWnjF6cyHQSzKg== 0001104659-07-090331.txt : 20071221 0001104659-07-090331.hdr.sgml : 20071221 20071220203144 ACCESSION NUMBER: 0001104659-07-090331 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20071221 DATE AS OF CHANGE: 20071220 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LEHMAN BROTHERS HOLDINGS INC CENTRAL INDEX KEY: 0000806085 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 133216325 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-134553 FILM NUMBER: 071320593 BUSINESS ADDRESS: STREET 1: LEHMAN BROTHERS STREET 2: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2125267000 MAIL ADDRESS: STREET 1: LEHMAN BROTHERS STREET 2: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: SHEARSON LEHMAN HUTTON HOLDINGS INC DATE OF NAME CHANGE: 19901017 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: LEHMAN BROTHERS HOLDINGS INC CENTRAL INDEX KEY: 0000806085 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 133216325 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: LEHMAN BROTHERS STREET 2: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2125267000 MAIL ADDRESS: STREET 1: LEHMAN BROTHERS STREET 2: 745 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: SHEARSON LEHMAN HUTTON HOLDINGS INC DATE OF NAME CHANGE: 19901017 FWP 1 a07-30473_58fwp.htm FWP

 

Filed Pursuant to Rule 433

Registration No: 333-134553

 

 

3YR NC 6MO Lehman Range Note

Preliminary Terms and Conditions

 

Lehman Brothers Holdings Inc. has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus dated May 30, 2006, the prospectus supplement dated May 30, 2006 for its Medium Term Notes, Series I, and other documents Lehman Brothers Holdings Inc. has filed with the SEC for more complete information about Lehman Brothers Holdings Inc. and this offering.  Buyers should rely upon the prospectus, prospectus supplement and any relevant free writing prospectus for complete details.  You may get these documents and other documents Lehman Brothers Holdings Inc. has filed for free by searching the SEC online database (EDGAR®) at www.sec.gov with “Lehman Brothers Holdings Inc.” as a search term. You may also access the prospectus and Series I MTN prospectus supplement on the SEC web site as follows:

 

Series I MTN prospectus supplement dated May 30, 2006:

http://www.sec.gov/Archives/edgar/data/806085/000104746906007785/a2170815z424b2.htm

 

Prospectus dated May 30, 2006:

http://www.sec.gov/Archives/edgar/data/806085/000104746906007771/a2165526zs-3asr.htm

 

Alternatively, Lehman Brothers Inc. will arrange to send you the prospectus, Series I MTN prospectus supplement and final pricing supplement (when completed) if you request it by calling your Lehman Brothers sales representative or 1-888-603-5847.

 

 

 

Issuer:

Lehman Brothers Holdings Inc.

 

 

Ratings:

Moody’s A1/ S&P A+/ Fitch AA–

 

 

Type:

Unsecured, unsubordinated

 

 

Issue Size:

$[TBD]

 

 

CUSIP:

 

 

 

Trade Date

[TBD]

 

 

Issue Date:

January [18], 2008

 

 

Maturity Date:

January [18], 2011, subject to Issuer’s Call Option

 

 

Issue Price:

100.0%

 

 

Redemption Price:

100.0%

 

 

Interest Rate:

[7.00]% x Interest Accrual Factor, subject to a minimum Interest Rate of 0.00%   

 

 

Day Count Basis / Business Day Convention:

 

30/360, Modified Following, unadjusted

 


 

 

 

 

Interest Period:

Semiannually from and including each Interest Payment Date (or the Issue Date, in the case of the first Interest Period) to but excluding the next succeeding Interest Payment Date (or the Maturity Date, in the case of the final Interest Period)

 

 

Interest Payment Dates:

Semiannually on the [18]th of each January, and July commencing July [18], 2008, and ending on the Maturity Date, subject to Issuer’s Call Option

 

 

Interest Accrual Factor:

For any Interest Period, the number of calendar days (including non Business Days) during that Interest Period in respect of which 6m USD LIBOR REF is greater than or equal to the Lower LIBOR Barrier and less than or equal to the Upper LIBOR Barrier, divided by the total number of calendar days (including non Business Days) in such Interest Period.

 

 

Lower LIBOR Barrier:

[3.50]%

 

 

Upper LIBOR Barrier:

[6.00]%

 

 

6m USD LIBORREF:

For any day within an Interest Period, the rate for deposits in U.S. Dollars for a period of 6 months which appears on Reuters Page LIBOR01 as of 11:00 a.m. London time on such day (or if such day is not a London business day, on the immediately preceding London business day), subject to the Rate Cut Off.

 

 

Rate Cut Off:

6m USD LIBOR REF  for any days within an Interest Period from and including the fifth Business Days prior to an Interest Payment Date will remain in effect until that Interest Payment Date.

 

 

Business Days:

New York and London

 

 

Issuer’s Call Option:

Lehman Brothers Holdings Inc. has the right to call the Notes in whole or in part at the Redemption Price on every Interest Payment Date, commencing on or after July [18], 2008, with 5 Business Days notice. 

 

 

Denominations:

$1,000 / $1,000

 

 

Calculation Agent:

Lehman Brothers Special Financing Inc.

 

 

Underwriter:

Lehman Brothers Inc.

 


 

 

 

 

Fees:

 

 

Price to Public (1)

 

Fees(2)

 

Proceeds to the Issuer

Per note

 

$1,000

 

$9.00

 

$991.00

Total

 

$

 

$

 

$

 

 

 

(1)   The price to public includes Lehman Brothers Holdings Inc.’s cost of hedging its obligations under the notes through one or more of its affiliates, which includes such affiliates expected cost of providing such hedge as well as the profit such  affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge.

 

 

(2)   Lehman Brothers Inc. will receive commissions equal to $9.00 per $1,000 principal amount, or 0.90%, and may use all or a portion of these commissions to pay selling concessions or fees to other dealers. Lehman Brothers Inc. and/or an affiliate may earn additional income as a result of payments pursuant to any hedges.

 

U.S. Federal Income Tax Treatment:

 

Lehman Brothers Holdings Inc. intends to treat the notes as variable rate debt instruments, as described under “Supplemental United States Federal Income Tax Consequences—Variable Rate Debt Instruments” in the Series I MTN prospectus supplement.

 

Historical Levels of 6-Month LIBOR

 

The following table, showing the historical level of 6m USD LIBORREF in effect on the date hereof and for the hypothetical Interest Payment Dates listed below.  The Interest Rate for on any Interest Period, however, will be determined based on 6m USD LIBORREF in effect on each day during the related Interest Period.  The historical experience of 6m USD LIBORREF should not be taken as an indication of the future performance of 6m USD LIBORREF during the term of the notes. Fluctuations in the level of 6m USD LIBORREF make the notes’ effective interest rate difficult to predict and can result in effective interest rates to investors that are lower than anticipated. In addition, historical interest rates are not necessarily indicative of future interest rates. Fluctuations in interest rates and interest rate trends that have occurred in the past are not necessarily indicative of fluctuations that may occur in the future, which may be wider or narrower than those that have occurred historically.

 

Hypothetical Interest Payment Date

6m USD LIBORREF (%)

12/20/2007

4.75

7/18/2007

5.38

1/18/2007

5.39

7/18/2006

5.58

1/18/2006

4.72

7/18/2005

3.85

1/18/2005

2.90

7/19/2004

1.86

1/19/2004

1.17

7/18/2003

1.12

1/20/2003

1.37

7/18/2002

1.92

1/18/2002

1.88

7/18/2001

3.80

1/18/2001

5.48

7/18/2000

6.94

1/18/2000

6.22

 


 

 

Hypothetical Interest Payment Date

6m USD LIBORREF (%)

7/19/1999

5.60

1/18/1999

4.99

7/20/1998

5.75

1/19/1998

5.66

7/18/1997

5.84

1/20/1997

5.69

7/18/1996

5.87

1/18/1996

5.43

7/18/1995

5.81

1/18/1995

6.75

7/18/1994

5.19

1/18/1994

3.44

7/19/1993

3.44

1/18/1993

3.44

12/20/2007

4.75

7/18/2007

5.38

1/18/2007

5.39

7/18/2006

5.58

1/18/2006

4.72

7/18/2005

3.85

1/18/2005

2.90

7/19/2004

1.86

1/19/2004

1.17

7/18/2003

1.12

1/20/2003

1.37

7/18/2002

1.92

1/18/2002

1.88

7/18/2001

3.80

1/18/2001

5.48

7/18/2000

6.94

1/18/2000

6.22

7/19/1999

5.60

1/18/1999

4.99

7/20/1998

5.75

1/19/1998

5.66

7/18/1997

5.84

1/20/1997

5.69

7/18/1996

5.87

1/18/1996

5.43

7/18/1995

5.81

1/18/1995

6.75

7/18/1994

5.19

1/18/1994

3.44

7/19/1993

3.44

 

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