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Lehman to issue 20% reverse exchangeables linked to DryShips
By Susanna Moon
Chicago, April 7 - Lehman Brothers Holdings Inc. plans to price 20% annualized reverse exchangeable notes due July 30, 2008 linked to the common stock of DryShips 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 DryShips 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 DryShips shares equal to par divided by the initial share price.
The notes are expected to price on April 25 and settle on April 30.
Lehman Brothers Inc. is the agent.
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