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Lehman to issue 14% reverse exchangeables linked to SanDisk
By Jennifer Chiou
New York, May 7 - Lehman Brothers Holdings Inc. plans to price 14% annualized reverse exchangeable notes due Nov. 30, 2008 linked to the common stock of SanDisk Corp., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless SanDisk 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 SanDisk shares equal to $1,000 divided by the initial share price.
The notes are expected to price on May 27 and settle on May 30.
Lehman Brothers Inc. is the agent.
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