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Lehman to price 10.5% reverse exchangeables linked to Foster Wheeler
By E. Janene Geiss
Philadelphia, May 23 - Lehman Brothers Holdings Inc. plans to price 10.5% reverse exchangeable notes due May 30, 2008 linked to the common stock of Foster Wheeler Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Foster Wheeler stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial share price.
The notes will price May 25 and settle May 31.
Lehman Brothers Inc. will be the underwriter.
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