Lehman to issue 10% reverse exchangeables linked to Flextronics

By Laura Lutz

Des Moines, Oct. 9 - Lehman Brothers Holdings Inc. plans to price an issue of 10% reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of Flextronics International Ltd., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Flextronics 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 Flextronics 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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