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Lehman to price 16.5% reverse exchangeables linked to Sirius
By Jennifer Chiou
New York, May 7 - Lehman Brothers Holdings Inc. plans to price 16.5% reverse exchangeable notes due Nov. 30, 2007 linked to the common stock of Sirius Satellite Radio Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Sirius stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sirius shares equal to $1,000 divided by the initial share price.
The notes will price on May 24 and settle on May 31.
Lehman Brothers Inc. will be the underwriter.
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