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Lehman to price 10.3% reverse exchangeables linked to TD Ameritrade
By E. Janene Geiss
Philadelphia, March 2 - Lehman Brothers Holdings Inc. plans to price an issue of 10.3% reverse exchangeable notes due March 29, 2008 linked to the common stock of TD Ameritrade Holding Corp., 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 TD Ameritrade stock falls below the knock-in level - 75% 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 TD Ameritrade 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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