Rule 424(b)(2)
Registration Nos. 333-14791
NASD File No. 961029005
Cusip #: 52517PLK5
PRICING SUPPLEMENT NO. 265
Trade Date: September 11, 1997 to Prospectus
Supplement dated August 11, 1997
and Prospectus dated August 11, 1997
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series E
(Fixed Rate)
Due from Nine Months to 30 Years from Date of Issue
Pricing to Public: 100%
Agent's Commission: .50%
Settlement Date: 09/17/97
Interest Rate Per Annum: 7.625%
Interest Payment Dates: Every 3/17 and 9/17, commencing 3/17/98
Maturity Date: 9/17/12
Call Feature: The Issuer has the right to call these notes at Par on
9/17/02 only. Call notice is 15 calendar days.
These Notes, issued under Pricing Supplement No. 265, may be sold in
minimum denominations of $1,000, or any amount in excess thereof
which is an integral multiple of $1,000.
The aggregate principal amount of this offering is $10,000,000 and
relates only to Pricing Supplement No. 265. Medium-Term Notes,
Series E may be issued by the Company in an aggregate principal
amount of up to $10,267,500,000 and, to date, including this
offering, an aggregate of $9,317,325,000 Medium-Term Notes, Series E
has been issued and $5,436,390,000 are outstanding.
