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Lehman Shares Set To Price At 9 AM

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The pricing on Lehman's common and preferred is set to happen right now. David Faber reported on CNBC's SquawkBox that the common would be issued at $28 per share. The Convertible Preferred shares will have an 8.75% coupon and an 18% conversion premium, Faber reports.
It's still not clear who the buyers will be or what the split is between common and preferred. But the preferred seems much more attractive, with an almost 9% vig and a conversion premium of 18%. These terms may be read as showing a bit of desperation.
Update: Looks like it's about $4 billion of common and $2 billion of preferred.