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Lehman to price 11.5% reverse exchangeables linked to Apple
By Angela McDaniels
Seattle, June 19 - Lehman Brothers Holdings Inc. plans to price reverse exchangeable notes due Sept. 26, 2007 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 2.875% for an annualized rate of 11.5%. Interest will be payable monthly.
The payout at maturity will be par unless Apple stock declines by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
The notes are expected to price on June 21 and settle on June 26.
Lehman Brothers Inc. will be the underwriter.
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