Lehman Brothers to price 11.55% reverse exchangeables linked to MasterCard

By E. Janene Geiss

Philadelphia, March 2 - Lehman Brothers Holdings Inc. plans to price an issue of 11.55% reverse exchangeable notes due March 29, 2008 linked to the class A common stock of MasterCard Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price March 23 and settle March 28.

Interest will be payable monthly.

The payout at maturity will be par unless MasterCard 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 MasterCard shares equal to $1,000 divided by the initial share price.

Lehman Brothers will be the agent and receive a 3% commission.

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