Lehman to price 18.5% reverse exchangeables linked to JetBlue

By Jennifer Chiou

New York, April 25 - Lehman Brothers Holdings Inc. plans to price 18.5% reverse exchangeable notes due Aug. 9, 2007 linked to the common stock of JetBlue Airways Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

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

The notes will price on May 4 and settle on May 9.

Lehman Brothers Inc. will be the underwriter.

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