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Lehman to price 12.5% reverse exchangeables linked to Citigroup
By Susanna Moon
Chicago, Aug. 29 - Lehman Brothers Holdings Inc. plans to price an issue of 12.5% reverse exchangeable notes due March 12, 2008 linked to Citigroup Inc. 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 the stock falls below the trigger price - 80% 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 Citigroup shares equal to $1,000 divided by the initial share price.
The notes will price on Sept. 7 and settle on Sept. 12.
Lehman Brothers Inc. is the agent.
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