Lehman to issue 15% reverse exchangeables linked to Garmin

By Laura Lutz

Des Moines, Feb. 11 - Lehman Brothers Holdings Inc. plans to price an issue of 15% reverse exchangeable notes due May 29, 2008 linked to the common stock of Garmin Ltd., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Garmin 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 Garmin shares equal to par divided by the initial share price.

The notes are expected to price on Feb. 26 and settle on Feb. 29.

Lehman Brothers Inc. is the agent.

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