Lehman to issue 19% reverse exchangeables linked to H&R Block

By Jennifer Chiou

New York, Aug. 6 - Lehman Brothers Holdings Inc. plans to price three-month 19% reverse exchangeable notes linked to the common stock of H&R Block, Inc., according to a term sheet.

The payout at maturity will be par unless H&R Block 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 H&R Block shares equal to $1,000 divided by the initial share price.

The notes are expected to price on Aug. 28 and settle on Aug. 31.

Lehman Brothers Inc. is the agent. Incapital LLC is the distributor.

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