Rule 424(b)(2)
Registration Nos. 333-38227
NASD File No. 961029005
Cusip No: 52517PLY5
PRICING SUPPLEMENT NO. 278
Trade Date: December 12, 1997, to Prospectus
Supplement dated December 3, 1997
and Prospectus dated December 3, 1997
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series E
(Floating Rate)
Due from Nine Months to 30 years from Date of Issue
Price to Public: 100% Initial Interest Rate: 3 month Libor
Commission: .05% Telerate pg 3750
posted on 12/15/97
Interest Rate Basis:
( ) Treasury Rate Settlement Date: 12/17/97
(X) LIBOR (3 month) Maturity Date: 01/13/99
( ) Commercial Paper Rate Maximum Interest Rate:______%
( ) Federal Funds Effective Rate Minimum Interest Rate:______%
( ) Prime Rate Spread Multiplier:__________%
( ) Other Spread (+ -) +.01%
Index Maturity: Quarterly
Interest Payment Period: Quarterly
Interest Reset Period: Quarterly
Interest Reset Dates: Same as interest payment dates.
Interest Determination Dates: Two NY/London business days prior
to interest reset dates.
Interest Payment Dates: 3/13, 6/13, 9/13, 12/13, and at
maturity, subject to modified following business day convention.
The aggregate principal amount of this offering is $116,000,000
and relates only to Pricing Supplement No. 278. Medium-Term
Notes, Series E may be issued by the company in aggregate
principal amount of up to $11,278,325,000 and, to date, including
this offering, an aggregate of $10,269,325,000 Medium-Term Notes,
Series E has been issued and $6,293,090,000 are outstanding.
Lehman Brothers Holdings
By:
Name: Nigel Walker
Title: Assistant Treasurer
