Lehman to issue 13.75% reverse exchangeables linked to Foster Wheeler

By Laura Lutz

Des Moines, Feb. 11 - Lehman Brothers Holdings Inc. plans to price an issue of 13.75% reverse exchangeable notes due Feb. 27, 2009 linked to the common stock of Foster Wheeler Ltd., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Foster Wheeler 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 Foster Wheeler shares equal to par divided by the initial share price.

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

Lehman Brothers Inc. is the underwriter.

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