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Lehman to issue 20% reverse exchangeables linked to Target
By Laura Lutz
Des Moines, 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 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 Target 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 Target shares equal to par divided by the initial share price.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
Lehman Brothers Inc. is the agent.
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