Lehman Brothers (LEH) To Offer 3M Convertible Preferred Shares
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Lehman Brothers Holdings Inc. (NYSE: LEH) announced that, in response to investor interest, it intends to offer 3,000,000 shares of Non-Cumulative Perpetual Convertible Preferred Stock.
Lehman CFO Erin Callan said, "Given the challenging environment and our previously stated view that it will likely continue the balance of the year, issuing convertible preferred is appropriate as it optimizes our funding and accelerates our plan to reduce leverage, and at the same time minimizes dilution to our shareholders." [LJ]
Lehman CFO Erin Callan said, "Given the challenging environment and our previously stated view that it will likely continue the balance of the year, issuing convertible preferred is appropriate as it optimizes our funding and accelerates our plan to reduce leverage, and at the same time minimizes dilution to our shareholders." [LJ]
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