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Lehman to issue 14.4% reverse exchangeables linked to NYSE Euronext
By E. Janene Geiss
Philadelphia, July 12 - Lehman Brothers Holdings Inc. plans to price an issue of 14.4% reverse exchangeable notes due Oct. 31, 2007 linked to the common stock of NYSE Euronext, according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 3.6% for an annual rate of 14.4%.
The payout at maturity will be par unless NYSE Euronext 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 NYSE Euronext shares equal to $1,000 divided by the initial share price.
The notes are expected to price July 26 and settle July 31.
Lehman Brothers Inc. is the agent.
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