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Lehman to issue 10% reverse exchangeables linked to General Electric
By E. Janene Geiss
Philadelphia, Aug. 12 - Lehman Brothers Holdings Inc. plans to price 10% reverse exchangeable notes due Aug. 29, 2009 linked to the common stock of General Electric Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless General Electric stock falls below the knock-in level - 80% 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 General Electric shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Aug. 26 and settle on Aug. 29.
Lehman Brothers Inc. is the agent.
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