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Lehman to issue 12.75% reverse exchangeables linked to Western Digital
By E. Janene Geiss
Philadelphia, Feb. 25 - Lehman Brothers Holdings Inc. plans to price an issue of 12.75% annualized reverse exchangeable notes due May 29, 2008 linked to the common stock of Western Digital Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Western Digital stock falls below the knock-in level - 70% 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 Western Digital 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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