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Lehman plans 10.5% reverse exchangeables linked to Cisco Systems
By Jennifer Chiou
New York, Nov. 7 - Lehman Brothers Holdings Inc. plans to price 10.5% reverse exchangeable notes due Nov. 28, 2008 linked to the common stock of Cisco Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Cisco Systems stock falls below the knock-in price - 80% of the initial value - during the life of the notes and finishes below its initial price, in which case the payout will be a number of Cisco Systems shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 27 and settle on Nov. 30.
Lehman Brothers is the agent.
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