Rule 424(b)(2)
Registration No. 33-65674
NASD File No: 9307071103
PRICING SUPPLEMENT NO. 23
Dated January 7, 1994, to Prospectus
Supplement dated October 4, 1993
and Prospectus dated October 4, 1993.
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series E
(Fixed Rate)
Due from Nine Months to 30 Years from Date of Issue
Interest Payable each January 15 and July 15,
commencing July 15, 1994, and at Maturity
Price to Public: 108.5%
Agent's Commission: .50% (1)
Original Issue Date: 1/14/94
Interest Rate Per Annum: 8.05%
Maturity Date: 1/15/19
The Holder may cause the Company to repurchase the Note in whole
or in part in increments of $1,000 on 1/15/99 (the "Repayment
Date"), by giving written notice to the Company from and
including 11/15/98 through and including 12/15/98 (the "Election
Period"), or if such December 15 is not a Business Day, the next
succeeding Business Day. The amount the Company will repay upon
receipt of written notice from the Holder of the Note will equal
98% of the principal amount of the Note plus interest to, but not
including, the Repayment Date (the "Repayment Amount"). If the
Repayment Date is not a Business Day, the Company will pay the
Repayment Amount on the next succeeding Business Day. After the
Election Period, the Holder of the Note shall not have any option
to elect repayment on the Repayment Date or otherwise.
(1) The Agent's Commission will be increased and the Proceeds to
the Company will be decreased correspondingly, by .25% with
respect to the principal amount of the Note which, at the
Holder's option, is not repaid, by the Company on the Repayment
Date.
The aggregate principal amount of this offering is $50,000,000
and relates only to Pricing Supplement No. 23. Medium-Term
Notes, Series E may be issued by the Company in an aggregate
principal amount of up to $2,500,000,000 and, to date, including
this offering, an aggregate of $676,550,000 Medium-Term Notes,
Series E has been issued and $676,550,000 are outstanding.
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