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Lehman to issue 11% reverse exchangeables linked to Discover Financial
By Laura Lutz
Des Moines, Oct. 9 - Lehman Brothers Holdings Inc. plans to price an issue of 11% reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of Discover Financial Services, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Discover stock falls below the knock-in level - 75% of the initial share price - during the life of the securities and finishes below the initial share price, in which case the payout will be a number of Discover shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Oct. 26 and settle on Oct. 31.
Lehman Brothers Inc. is the agent.
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