Published on 4/25/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $23.62 million floating-rate notes linked to SOFR
By Wendy Van Sickle
Columbus, Ohio, April 25 – GS Finance Corp. priced $23.62 million of floating-rate notes due April 24, 2063 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The interest rate is compounded SOFR plus a spread of 10 basis points, subject to a floor of 0%. Interest is payable quarterly.
There will be a put option annually after two years starting at 97, stepping up to 98 April 24, 2026, to 99 on April 24, 2027 and to par on April 24, 2028.
The payout at maturity will be par plus accrued interest.
Goldman, Sachs & Co. LLCC is the underwriter with UBS Financial Services Inc. as selling agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Floating-rate notes
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Underlying rate: | SOFR
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Amount: | $23,617,000
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Maturity: | April 24, 2063
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Coupon: | SOFR plus 10 bps with a floor of 0%, payable quarterly; rate resets quarterly
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Price: | Par
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Payout at maturity: | Par plus accrued interest
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Put option: | Annually after two years starting at 97, stepping up to 98 April 24, 2026, to 99 on April 24, 2027 and to par on April 24, 2028
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Pricing date: | April 19
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Settlement date: | April 24
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Underwriter: | Goldman, Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
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Fees: | 1%
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Cusip: | 40057RGP7
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