Lehman to price 28.7% reverse exchangeables linked to least-performing stock in basket

By Jennifer Chiou

New York, Nov. 5 - Lehman Brothers Holdings Inc. plans to price 28.7% annualized reverse exchangeable notes due May 30, 2008 linked to the least-performing stock in a basket of common stocks, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the shares of Apple Inc., Research In Motion Ltd. and Google Inc.

Interest will be payable monthly.

If any stock in the basket falls below its trigger price - 70% of its initial share price - the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial price. If no trigger event occurs, investors will receive par.

The notes will price on Nov. 27 and settle on Nov. 30.

Lehman Brothers will be the agent.

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