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Lehman to issue 20% reverse exchangeables linked to Fannie Mae
By E. Janene Geiss
Philadelphia, May 28 - Lehman Brothers Holdings Inc. plans to price 20% annualized reverse exchangeable notes due Sept.11, 2008 linked to the common stock of Fannie Mae, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Fannie Mae stock falls below the knock-in level - 65% 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 Fannie Mae shares equal to $1,000 divided by the initial share price.
The notes are expected to price June 6 and settle June 11.
Lehman Brothers Inc. is the agent.
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