Lehman to issue 14.6% reverse exchangeables linked to Under Armour

By E. Janene Geiss

Philadelphia, Oct. 26 - Lehman Brothers Holdings Inc. plans to price an issue of reverse exchangeable notes due Feb. 7, 2008 linked to the common stock of Under Armour, Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month notes will pay 3.65% for an annualized rate of 14.6%. Interest will be payable monthly.

The payout at maturity will be par unless Under Armour stock falls below the knock-in level - 60% 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 Under Armour shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Nov. 2 and settle on Nov. 7.

Lehman Brothers Inc. is the agent.

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