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Lehman Brothers Use Of Leaps. Lehman Brothers became the latest bank to take
steps to shore up its funding , announcing that it will ...
... ABS Report, 2007, p. 9). Lehman Brothers, Applebee’s ... entered the same CDMA, unlimited
use, no contract ... Pocket Communications that threatens Leaps business in ...
Submitted by jlexx822 on May 22, 2008
Category: Business
Words: 245 | Pages: 1
Views: 39
Popularity Rank: 111,194
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Lehman Brothers became the latest bank to take steps to shore up its funding , announcing that it will issue $3 billion of convertible preferred shares. Before its announcement, Lehman Chief Financial Officer Erin Callan told CNBC that the deal is sold. A group of large, long-term institutional investors in Lehman will receive a dividend yield of 7-7.5 percent, and the price being paid will mark a premium of between 30-35 percent on shares. Lehman shares fell nearly 5 percent in aftermarket trading after the planned offering was announced. There have been rumors surrounding Lehman since the demise of Bear Stearns, but Lehman says it has over $200 billion of assets it could sell or borrow against, and that its ability to borrow from the Federal Reserve should help with all the questions about its solidity. Lehman's decision to raise cash through a stock offering arrives just weeks after a cash-flow crisis at Bear Stearns Cos. that forced the Federal Reserve to step in and fast-track a buyout of the struggling investment bank by JP Morgan Chase & Co. Lehman first-quarter earnings that were reported in early March came in better than analysts predicted. But because of the hostile credit markets, investors are not yet assuaged that the bank will weather a financial crisis that has so far led to some $160 billion in asset write-downs for the global financial industry. Lehman itself wrote down $1.3 billion in the third quarter, $830 million in the fourth quarter and $1.8 billion in the first quarter.
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