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Lehman to issue 18% reverse exchangeables linked to Omnivision Technologies
By Jennifer Chiou
New York, Aug. 6 - Lehman Brothers Holdings Inc. plans to price three-month 18% reverse exchangeable notes linked to the common stock of Omnivision Technologies Inc., according to a term sheet.
The payout at maturity will be par unless Omnivision Technologies 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 Omnivision Technologies shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Aug. 28 and settle on Aug. 31.
Lehman Brothers Inc. is the agent. Incapital LLC is the distributor.
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