Lehman to issue 19% reverse exchangeables linked to CVRD

By E. Janene Geiss

Philadelphia, Aug. 12 - Lehman Brothers Holdings Inc. plans to price 19% reverse exchangeable notes due Nov. 29, 2008 linked to the common stock of Companhia Vale do Rio Doce, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless CVRD stock falls below the knock-in level - 80% 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 CVRD shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Aug. 26 and settle on Aug. 29.

Lehman Brothers Inc. is the agent.

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