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Lehman to issue 18% reverse exchangeables linked to Visa
By E. Janene Geiss
Philadelphia, July 9 - Lehman Brothers Holdings Inc. plans to price 18% annualized reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of Visa Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Visa 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 Visa shares equal to $1,000 divided by the initial share price.
The notes are expected to price on July 28 and settle on July 31.
Lehman Brothers Inc. is the agent.
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