Lehman to issue 11.55% reverse exchangeables linked to Exxon Mobil

By Jennifer Chiou

New York, Aug. 22 - Lehman Brothers Holdings Inc. plans to price 11.55% annualized reverse exchangeable notes due Feb. 29, 2008 linked to the common stock of Exxon Mobil Corp., according to an FWP filing with the Securities and Exchange Commission.

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

The notes are expected to price on Aug. 24 and settle on Aug. 29.

Lehman Brothers Inc. is the agent.

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