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Lehman to issue 13.5% reverse exchangeables linked to Toll Brothers
By Laura Lutz
Des Moines, June 5 - Lehman Brothers Holdings Inc. plans to price an issue of 13.5% reverse exchangeable notes due Dec. 29, 2007 linked to the common stock of Toll Brothers, Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Toll Brothers stock falls below the knock-in level - 85% 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 Toll Brothers 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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