Rule 424(b)(2)
Registration Nos. 333-50197
NASD File No. 961029005
Cusip #: 52517PNU1
PRICING SUPPLEMENT NO. 322
Trade Date: May 20, 1998 to Prospectus
Supplement dated May 4, 1998
and Prospectus dated May 4, 1998
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: 1 Month Libor
Agent's Commission: .35% Telerate pg 3750
posted on 5/19/98
Interest Rate Basis:
( ) Treasury Rate Original Issue Date: 5/21/98
( X) LIBOR - 1 month Initial Maturity Date: 6/21/99 *
Final Maturity Date: 5/23/01 *
( ) Commercial Paper Rate Maximum Interest Rate:______%
( ) Federal Funds Effective Rate Minimum Interest Rate:______%
( ) Prime Rate Spread Multiplier:__________%
( ) Other Spread (+ -) +.125% **(See below)
Index Maturity: Monthly
Interest Payment Period: Monthly
Interest Reset Period: Monthly
Interest Reset Dates: 21st of each month
Interest Determination Dates: Two (2) London business days prior
to interest payment dates
Interest Payment Dates: Monthly on the 21st, commencing on June 21st,
1998, subject to modified following business day convention.
The aggregate principal amount of this offering is $525,000,000 and
relates only to Pricing Supplement No. 322. Medium-Term Notes, Series
E may be issued by the company in aggregate principal amount of up to
$21,270,725,000 and, to date, including this offering, an aggregate of
$15,388,287,688 Medium-Term Notes, Series E has been issued and
$10,844,927,688 are outstanding.
* The Floating Rate Renewable Notes described in this Pricing
Supplement (the "Renewable Notes") will mature on the Initial Maturity
Date, unless the maturity of all or any portion of the principal
amount thereof is extended in accordance with the procedures described
below. On any Election Date (as defined herein), the holder of a
Renewable Note may elect to extend the maturity of the Renewable Notes
to the date (the "Effective Maturity Date") occurring 394 calendar
days from and including such Election Date; if such Effective Maturity
Date is not a Business Day, the maturity of any Renewable Note so
extended shall be the next succeeding Business Day, unless such date
is more than 397 days from such Election Date in which case the
Effective Maturity Date shall be the immediately preceding Business
Day. The holder may extend the maturity of the Renewable Notes or any
portion thereof having a principal amount of $1,000,000 or any
multiple of $1,000,000 in excess thereof by delivering a notice to
such effect, via the Depository Trust Company, to the trustee for the
Renewable Notes on any Business Day during the period beginning on the
fourth Business Day preceding an Election Date to and including such
Election Date. Such option may be exercised with respect to less than
the principal amount of the Renewable Notes; provided that the
principal amount for which such option is exercised is at least
$1,000,000 or any larger amount that is an integral multiple of
$1,000,000. Notwithstanding the foregoing, the maturity of the
Renewable Notes may not be extended beyond May 23, 2001. If the
holder does not affirmatively elect to extend the maturity of any
portion of the principal amount of the Renewable Notes on any Business
Day during the period beginning on the fourth Business Day preceding
an Election Date to and including any Election Date according to the
procedures described herein, that portion of the notes as to which
such election has not been received will be exchanged at the close of
business on that day for a new fixed-term note paying monthly interest
(actual/360) at the rate of 1 month libor + 5 bp and maturing 397 days
from such Election Date, unless such maturity date is not a Business
Day, in which case such portion will become due and payable on the
immediately preceding Business Day.
The Renewable Notes will bear interest from the date of issuance
until the principal amount thereof is paid or made available for
payment or until such Note is exchanged as described in the preceding
sentence at a rate determined by reference to LIBOR plus the Spread.
