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Lehman to price 17% reverse exchangeables linked to General Motors
By Jennifer Chiou
New York, May 7 - Lehman Brothers Holdings Inc. plans to price 17% reverse exchangeable notes due Nov. 30, 2007 linked to the common stock of General Motors 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 General Motors stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
The notes will price on May 24 and settle on May 31.
Lehman Brothers Inc. will be the underwriter.
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