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Lehman to price 15.25% reverse exchangeables linked to J.C. Penney
By Angela McDaniels
Tacoma, Wash., Jan. 7 - Lehman Brothers Holdings Inc. plans to price 15.25% reverse exchangeable notes due July 31, 2008 linked to the common stock of J.C. Penney Co., Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless J.C. Penney stock falls below the trigger price - 70% 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 J.C. Penney 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 Jan. 28 and settle on Jan. 31.
Lehman Brothers Inc. is the underwriter.
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