New Issue: GS Finance sells $2.43 million equity-linked notes tied to three stocks

By William Gullotti

Buffalo, N.Y., May 15 – GS Finance Corp. priced $2.43 million of 0% equity-linked notes due April 22, 2027 linked to the least performing of the stocks of United Rentals, Inc., Caterpillar Inc. and Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If all stocks finish at or above their initial value, the payout at maturity will be par plus 2.27 times the least performing stock’s return.

If the worst performing stock finishes below its initial value but not lower than 60% of its initial value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial value.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Equity-linked notes
Underlying stocks:	United Rentals, Inc., Caterpillar Inc., Deere & Co.
Amount:	$2.43 million
Maturity:	April 22, 2027
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performer finishes at or above initial value, par plus 2.27 times the return of worst performer; if worst performer declines but finishes at or above 60% of initial value, par; otherwise, full exposure to decline of worst performer from initial level
Initial prices:	$628.34 for United Rentals, $354.66 for Caterpillar, $400.32 for Deere
Buffer levels:	60% of initial levels
Pricing date:	April 19
Settlement date:	April 24
Underwriter:	Goldman Sachs & Co. LLC
Fees:	2.5%
Cusip:	40058A4V3

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