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Lehman to price 20.1% reverse convertibles linked to DryShips
By Susanna Moon
Chicago, July 31 - Lehman Brothers Holdings Inc. plans to price 20.1% annualized reverse convertible notes due Nov. 13, 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.
Payout at maturity will be par unless DryShips stock falls by more than 40% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of DryShips shares equal to $1,000 divided by the initial share price or, at Lehman's option, the equivalent cash value.
The notes are expected to price on Aug. 8 and settle on Aug. 13.
Lehman Brothers Inc. will be the underwriter.
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