Lehman to issue 15.5% reverse exchangeables linked to FLIR Systems

By Susanna Moon

Chicago, June 9 - Lehman Brothers Holdings Inc. plans to price 15.5% annualized reverse exchangeable notes due Dec. 30, 2008 linked to the common stock of FLIR Systems Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless FLIR Systems 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 FLIR Systems shares equal to $1,000 divided by the initial share price.

The notes are expected to price on June 25 and settle on June 30.

Lehman Brothers Inc. is the agent.

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