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Lehman to price 14.35% reverse exchangeables linked to Ford
By Angela McDaniels
Seattle, Oct. 9 - Lehman Brothers Holdings Inc. plans to price reverse exchangeable notes due April 30, 2008 linked to the common stock of Ford Motor Co., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 7.175% for an annualized rate of 14.35%. Interest will be payable monthly.
The payout at maturity will be par unless Ford stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Ford shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
The notes will price on Oct. 26 and settle on Oct. 31.
Lehman Brothers Inc. will be the underwriter.
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