Lehman to price 10.25% reverse exchangeables linked to Archer-Daniels-Midland

By E. Janene Geiss

Seattle, April 9 - Lehman Brothers Holdings Inc. plans to price an offering of 10.25% reverse exchangeable notes due April 20, 2008 linked to the common stock of Archer-Daniels-Midland Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Archer-Daniels-Midland stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Archer-Daniels-Midland shares equal to $1,000 divided by the initial share price.

The notes are expected to price April 17 and settle April 20.

Lehman Brothers Inc. will be the underwriter and receive a commission of between 2.25% and 2.5%.

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