New Issue: GS Finance sells $624,000 index-linked notes on S&P 500, S&P Value

By Cady Vishniac

Detroit, Dec. 31 – GS Finance Corp. priced $624,000 of 0% index-linked notes due Dec. 29, 2025 tied to the S&P 500 index and the S&P 500 Value index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout will be $1,270 per $1,000 of notes.

If either index falls by up to 30%, the payout will be par plus the absolute value of the lesser-performing index’s decline. Otherwise, investors will lose 1% for every 1% decline of the lesser-performing index from its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500 index and S&P 500 Value index
Amount:	$624,000
Maturity:	Dec. 29, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes above its initial level, $1,270 per $1,000 of notes; if either index falls by up to 30%, par plus the absolute value of the lesser-performing index’s decline; otherwise, 1% loss for every 1% decline of lesser-performing index from its initial level
Initial index levels:	3,690.01 for S&P 500, 1,245.08 for S&P Value
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	Goldman Sachs & Co. LLC
Fees:	4.1%
Cusip:	40057ES40

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