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Lehman to issue 15.25% reverse convertibles linked to Nvidia
By Susanna Moon
Chicago, July 6 - Lehman Brothers Holdings Inc. plans to price an issue of 15.25% reverse convertible notes due Jan. 31, 2008 linked to Nvidia Corp. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Nvidia stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Nvidia shares equal to $1,000 divided by the initial share price.
The notes will price on July 26 and settle on July 31.
Lehman Brothers Inc. is the agent.
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