-----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, BDj0psH6dJzS74KwFQCfhClyfOsfho7F1pFU4heHTcw48qL1A3tHGnNcHBncZ1It AztKvh5DqeD7d8pMGvf8kQ== 0001104659-08-034151.txt : 20080519 0001104659-08-034151.hdr.sgml : 20080519 20080516203300 ACCESSION NUMBER: 0001104659-08-034151 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20080519 DATE AS OF CHANGE: 20080516 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: 08843786 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 a08-13196_32fwp.htm FWP

Filed Pursuant to Rule 433

Registration No: 333-134553

 

 

Final Note Terms

3YR NC 1YR CMS Range Note

 

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. (A1, A+, AA-)(1)

Principal Amount:

 

US$ 1,000,000

CUSIP:

 

5252M0EB9

Trade Date:

 

May 16, 2008

Issue Date:

 

June 2, 2008

Maturity Date:

 

June 2, 2011, subject to Issuer’s Call Option.

Issue Price:

 

Variable Price Re-Offer

Redemption Price:

 

100.0%

Interest Rate:

 

6.00% x Interest Accrual Factor

Interest Period:

 

Monthly 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).

Business Day
Convention /
Daycount Basis:

 

Unadjusted, Modified following, 30/360

 

(1) Lehman Brothers Holdings Inc. is rated A+ by Standard & Poor’s, A1 by Moody’s and AA- by Fitch. A credit rating reflects the creditworthiness of Lehman Brothers Holdings Inc. and is not a recommendation to buy, sell or hold securities, and it may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.

 


 

 

Interest Payment
Dates:

 

Monthly on the 2nd of each month, commencing July 2, 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) in respect of which SPREAD REF is greater than or equal to 0.00% during that Interest Period AND less than or equal to 1.40% during that Interest Period, divided by the total number of calendar days (including non Business Days) in that Interest Period.

SPREAD REF:

 

For any day in an Interest Period (subject to the Rate Cut Off):

 

SPREAD REF = 10yr CMS Rate – 2yr CMS Rate

10yr CMS Rate:

 

On any Business Day during an Interest Period, the rate for U.S. Dollar swaps with a maturity of 10 years, expressed as a percentage, which appears on Reuters Screen ISDAFIX1 as of 11:00a.m., New York City time, on that day.  If such rate does not appear on Reuters Screen ISDAFIX1, the rate for such date shall be determined as if the parties had specified “USD-CMS-Reference Banks” as the applicable rate, as described under “Description of the Notes—Floating Rate Notes—CMS Rate Notes” in the Series I MTN prospectus supplement.

2yr CMS Rate:

 

On any Business Day during an Interest Period, the rate for U.S. Dollar swaps with a maturity of 2 years, expressed as a percentage, which appears on Reuters Screen ISDAFIX1 as of 11:00a.m., New York City time, on that day.  If such rate does not appear on Reuters Screen ISDAFIX1, the rate for such date shall be determined as if the parties had specified “USD-CMS-Reference Banks” as the applicable rate, as described under “Description of the Notes—Floating Rate Notes—CMS Rate Notes” in the Series I MTN prospectus supplement.

Rate Cut Off:

 

SPREAD REF for Saturday, Sunday or a day which is not a Business Day will be SPREAD REF for the immediately preceding Business Day. SPREAD REF in effect on the fifth Business Day prior to an Interest Payment Date will remain in effect until that Interest Payment Date.

Issuer’s Call Option:

 

The Issuer has the right on every Interest Payment Date commencing on or after June 2, 2009, provided that the Issuer gives 5 Business Days notice to the investor, to call the notes in whole or in part at the Redemption Price.  All amounts that may otherwise be payable following the call date shall cease to be payable thereafter.

Business Days:

 

New York and London

Calculation Agent:

 

Lehman Brothers Special Financing Inc.

Underwriter:

 

Lehman Brothers Inc.

Denomination:

 

US$1,000/1,000

 


 

 

Fees:

 

Lehman Brothers Inc. has agreed to purchase the notes from us at 100% of the principal amount minus a commission equal to $6.00 per $1,000 principal amount, or 0.60%.  Lehman Brothers Inc. proposes to offer the notes from time to time for sale in negotiated transactions, or otherwise, at varying prices to be determined at the time of each sale.  Lehman Brothers Inc. may also use all or a portion of its commissions on the notes to pay selling concessions or fees to other dealers.

 

The price at which Lehman Brothers Holdings Inc. has agreed to sell the notes to Lehman Brothers Inc. 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 the such affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge.  Lehman Brothers Inc. and/or an affiliate may earn additional income as a result of payments pursuant to any hedges.

 

Risk Factors

 

An investment in the notes entails certain risks not associated with an investment in conventional floating rate or fixed rate medium-term notes.  See “Risk Factors” generally in the Series I MTN prospectus supplement.

 

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 the 10yr CMS Rate and 2yr CMS Rate

 

The following shows for illustrative purposes the 10yr CMS Rate and the 2yr CMS Rate in effect on the May 16, 2008 and the hypothetical historical Interest Payment Dates listed below; the Interest Rate payable on any Interest Payment Date for the notes, however, will be determined based on the 10yr CMS Rate and the 2yr CMS Rate in effect on each day during the related Interest Period.  The historical experience of the 10yr CMS Rate and 2yr CMS Rate should not be taken as an indication of the future performance of the 10yr CMS Rate and 2yr CMS Rate during the term of the notes.  Fluctuations in the level of the 10yr CMS Rate and 2yr CMS Rate 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 Dates

 

10yr CMS Rate (in %)

 

2yr CMS Rate (in %)

 

SPREAD REF: 10yr CMS
Rate – 2yr CMS Rate (in %)

5/16/2008

 

4.345

 

3.163

 

1.182

5/2/2008

 

4.467

 

3.228

 

1.239

4/2/2008

 

4.267

 

2.75

 

1.517

2/29/2008

 

4.271

 

2.581

 

1.69

2/1/2008

 

4.179

 

2.743

 

1.436

1/2/2008

 

4.564

 

3.696

 

0.868

11/30/2007

 

4.644

 

3.957

 

0.687

11/2/2007

 

4.974

 

4.375

 

0.599

10/2/2007

 

5.154

 

4.669

 

0.485

8/31/2007

 

5.24

 

4.862

 

0.378

8/2/2007

 

5.508

 

5.131

 

0.377

7/2/2007

 

5.637

 

5.341

 

0.296

6/1/2007

 

5.511

 

5.39

 

0.121

5/2/2007

 

5.191

 

5.07

 

0.121

4/2/2007

 

5.179

 

5.003

 

0.176

3/2/2007

 

5.1

 

5.007

 

0.093

2/2/2007

 

5.312

 

5.284

 

0.028

1/2/2007

 

5.168

 

5.151

 

0.017

12/1/2006

 

4.892

 

4.857

 

0.035

11/2/2006

 

5.118

 

5.06

 

0.058

10/2/2006

 

5.138

 

5.066

 

0.072

9/1/2006

 

5.28

 

5.188

 

0.092

8/2/2006

 

5.55

 

5.419

 

0.131

6/30/2006

 

5.788

 

5.654

 

0.134

6/2/2006

 

5.566

 

5.374

 

0.192

5/2/2006

 

5.625

 

5.372

 

0.253

3/31/2006

 

5.387

 

5.266

 

0.121

3/2/2006

 

5.197

 

5.14

 

0.057

2/2/2006

 

5.08

 

4.989

 

0.091

1/2/2006

 

4.918

 

4.829

 

0.089

 


 

 

Hypothetical Interest
Payment Dates

 

10yr CMS Rate (in %)

 

2yr CMS Rate (in %)

 

SPREAD REF: 10yr CMS
Rate – 2yr CMS Rate (in %)

12/2/2005

 

5.095

 

4.886

 

0.209

11/2/2005

 

5.119

 

4.852

 

0.267

9/30/2005

 

4.794

 

4.581

 

0.213

9/2/2005

 

4.458

 

4.097

 

0.361

8/2/2005

 

4.765

 

4.406

 

0.359

7/1/2005

 

4.442

 

4.062

 

0.38

6/2/2005

 

4.305

 

3.857

 

0.448

5/2/2005

 

4.673

 

4.034

 

0.639

4/1/2005

 

4.976

 

4.211

 

0.765

3/2/2005

 

4.797

 

3.942

 

0.855

2/2/2005

 

4.537

 

3.641

 

0.896

12/31/2004

 

4.648

 

3.442

 

1.206

12/2/2004

 

4.821

 

3.435

 

1.386

11/2/2004

 

4.53

 

2.966

 

1.564

10/1/2004

 

4.629

 

2.96

 

1.669

9/2/2004

 

4.615

 

2.802

 

1.813

8/2/2004

 

4.945

 

3.059

 

1.886

7/2/2004

 

4.931

 

2.915

 

2.016

6/2/2004

 

5.219

 

3.038

 

2.181

4/30/2004

 

4.999

 

2.665

 

2.334

4/2/2004

 

4.512

 

2.164

 

2.348

3/2/2004

 

4.431

 

2.026

 

2.405

2/2/2004

 

4.516

 

2.144

 

2.372

1/2/2004

 

4.78

 

2.274

 

2.506

12/2/2003

 

4.809

 

2.437

 

2.372

10/31/2003

 

4.725

 

2.173

 

2.552

10/2/2003

 

4.485

 

1.831

 

2.654

9/2/2003

 

5.035

 

2.3

 

2.735

8/1/2003

 

5.064

 

2.151

 

2.913

7/2/2003

 

3.935

 

1.55

 

2.385

6/2/2003

 

3.78

 

1.524

 

2.256

5/2/2003

 

4.246

 

1.757

 

2.489

4/2/2003

 

4.371

 

1.86

 

2.511

2/28/2003

 

4.175

 

1.84

 

2.335

1/31/2003

 

4.42

 

2

 

2.42

1/2/2003

 

4.48

 

2.103

 

2.377

12/2/2002

 

4.697

 

2.431

 

2.266

11/1/2002

 

4.586

 

2.17

 

2.416

10/2/2002

 

4.33

 

2.178

 

2.152

9/2/2002

 

4.681

 

2.508

 

2.173

8/2/2002

 

4.995

 

2.543

 

2.452

7/2/2002

 

5.301

 

3.164

 

2.137

5/31/2002

 

5.569

 

3.594

 

1.975

5/2/2002

 

5.659

 

3.67

 

1.989

 


 

 

Hypothetical Interest
Payment Dates

 

10yr CMS Rate (in %)

 

2yr CMS Rate (in %)

 

SPREAD REF: 10yr CMS
Rate – 2yr CMS Rate (in %)

4/2/2002

 

6.084

 

4.11

 

1.974

3/1/2002

 

5.632

 

3.55

 

2.082

2/1/2002

 

5.712

 

3.503

 

2.209

1/2/2002

 

5.84

 

3.615

 

2.225

11/30/2001

 

5.461

 

3.336

 

2.125

11/2/2001

 

4.969

 

2.918

 

2.051

10/2/2001

 

5.21

 

3.33

 

1.88

8/31/2001

 

5.661

 

4.121

 

1.54

8/2/2001

 

5.91

 

4.388

 

1.522

7/2/2001

 

6.27

 

4.805

 

1.465

6/1/2001

 

6.117

 

4.712

 

1.405

5/2/2001

 

6.094

 

4.816

 

1.278

4/2/2001

 

5.906

 

4.858

 

1.048

3/2/2001

 

5.8

 

5.071

 

0.729

2/2/2001

 

5.954

 

5.29

 

0.664

1/2/2001

 

5.951

 

5.679

 

0.272

12/1/2000

 

6.642

 

6.376

 

0.266

11/2/2000

 

6.824

 

6.594

 

0.23

10/2/2000

 

6.934

 

6.705

 

0.229

9/1/2000

 

6.955

 

6.849

 

0.106

8/2/2000

 

7.204

 

7.063

 

0.141

6/30/2000

 

7.25

 

7.205

 

0.045

6/2/2000

 

7.327

 

7.322

 

0.005

5/2/2000

 

7.473

 

7.343

 

0.13

3/31/2000

 

7.289

 

7.163

 

0.126

3/2/2000

 

7.442

 

7.074

 

0.368

2/2/2000

 

7.499

 

7.18

 

0.319

12/31/1999

 

7.232

 

6.828

 

0.404

12/2/1999

 

7.006

 

6.589

 

0.417

11/2/1999

 

6.914

 

6.376

 

0.538

10/1/1999

 

6.922

 

6.308

 

0.614

9/2/1999

 

7.115

 

6.391

 

0.724

8/2/1999

 

6.928

 

6.273

 

0.655

7/2/1999

 

6.729

 

6.08

 

0.649

6/2/1999

 

6.53

 

5.975

 

0.555

4/30/1999

 

5.995

 

5.467

 

0.528

4/2/1999

 

6.08

 

5.498

 

0.582

3/2/1999

 

6.11

 

5.648

 

0.462

2/2/1999

 

5.536

 

5.197

 

0.339

1/1/1999

 

5.482

 

5.126

 

0.356

12/2/1998

 

5.467

 

5

 

0.467

11/2/1998

 

5.449

 

4.757

 

0.692

 

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