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Lehman to price 26.2% reverse exchangeables linked to UAL
By Angela McDaniels
Seattle, Aug. 8 - Lehman Brothers Holdings Inc. plans to price reverse exchangeable notes due Feb. 29, 2008 linked to the common stock of UAL Corp., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 13.1% for an annualized rate of 26.2%. Interest will be payable monthly.
The payout at maturity will be par unless the stock falls by more than 20% during the life of the notes and the final stock price is less than the initial share price, in which case the payout will be a number of UAL 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. 27 and settle on Aug. 30.
Lehman Brothers Inc. will be the underwriter.
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