Lehman to issue 13% reverse exchangeables linked to Schering-Plough

By Laura Lutz

Des Moines, March 6 - Lehman Brothers Holdings Inc. plans to price an issue of 13% reverse exchangeable notes due Sept. 14, 2008 linked to the common stock of Schering-Plough 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 Schering-Plough stock falls below the knock-in level - 70% 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 Schering-Plough shares equal to par divided by the initial share price.

The notes are expected to price on March 11 and settle on March 14.

Lehman Brothers Inc. is the agent.

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