Lehman to issue 15.5% reverse exchangeables linked to Freeport-McMoRan

By Laura Lutz

Des Moines, June 5 - Lehman Brothers Holdings Inc. plans to price an issue of 15.5% reverse exchangeable notes due Sept. 29, 2007 linked to the common stock of Freeport-McMoRan Copper & Gold, Inc., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Freeport-McMoRan stock falls below the knock-in level - 80% 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 Freeport-McMoRan shares equal to $1,000 divided by the initial share price.

The notes are expected to price on June 26 and settle on June 29.

Lehman Brothers Inc. is the agent.

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