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Lehman to issue 20% reverse exchangeables linked to JetBlue
By Susanna Moon
Chicago, Jan. 7 - Lehman Brothers Holdings Inc. plans to price an issue of 20% reverse exchangeable notes due April 30, 2008 linked to the common stock of JetBlue Airways 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 JetBlue stock falls below the knock-in level - 60% 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 JetBlue 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 Jan. 28 and settle Jan. 31.
Lehman Brothers Inc. is the underwriter.
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