Lehman Brothers Holdings Inc. ... is selling at least $3 billion of new shares to U.S. institutions to reassure investors it has ample access to capital.Here are the details from the press release: Lehman Brothers to Offer 3.0 Million Shares of Convertible Preferred Stock (hat tip Dwight)
The non-cumulative dividend rate, conversion rate and other terms are yet to be determined.TBD?
Update from Reuters: Lehman converts seen having 7-7.5 percent dividend
Lehman Brothers Holdings Inc's $3 billion of convertible preferred shares are seen having a dividend of 7 percent to 7.5 percent and a conversion premium of 30 percent to 35 percent ... The deal is expected to be sold by Tuesday before market close ...