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Lehman to price 11.3% reverse exchangeables linked to Target
By Angela McDaniels
Seattle, Aug. 8 - Lehman Brothers Holdings Inc. plans to price 11.3% reverse exchangeable notes due Aug. 30, 2008 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and the final stock price is less than the initial share price, in which case the payout will be a number of Target 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 Aug. 27 and settle on Aug. 30.
Lehman Brothers Inc. will be the underwriter.
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