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Lehman to issue 17.8% reverse exchangeables linked to General Motors
By Laura Lutz
Des Moines, June 5 - Lehman Brothers Holdings Inc. plans to price an issue of 17.8% reverse exchangeable notes due Sept. 29, 2007 linked to the common stock of General Motors Corp., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless General Motors 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 General Motors shares equal to $1,000 divided by the initial share price.
The notes are expected to price on June 26 and settle on June 29.
Lehman Brothers Inc. is the agent.
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