Lehman Brothers to price 15% reverse exchangeables linked to least-performing stock in basket

By Laura Lutz

Washington, Feb. 8 - Lehman Brothers Holdings Inc. plans to price an issue of 15% reverse exchangeable notes due Feb. 15, 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 common stocks of General Electric Co., International Business Machines Corp., Intel Corp and Wal-Mart Stores, Inc.

The notes were expected to price on Wednesday and settle on Feb. 13.

Interest will be payable monthly.

If any stock in the basket falls below its trigger price - 80% 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 share price.

If no such trigger event occurs, investors will receive par.

Lehman Brothers will be the agent.

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