By William Gullotti
Buffalo, N.Y., Jan. 3 – GS Finance Corp. priced $2 million of autocallable contingent coupon equity-linked securities due June 30, 2023 linked to the common stock of Devon Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent monthly coupon at an annualized rate of 22.5% if the stock closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the stock close at or above the initial share price on any quarterly valuation date after six months.
If the notes have not been called, the payout at maturity will be par unless the stock closes below its 60% trigger value during the life of the notes and the stock finishes below its initial level, in which case investors will lose 1% for every 1% that the stock finishes below its initial share price.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Devon Energy Corp.
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| Amount: | $2 million
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| Maturity: | June 30, 2023
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| Coupon: | 22.5% annually, payable monthly, if stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless the stock closes below its trigger value during the life of the notes and the stock finishes below its initial level, in which case investors will lose 1% for every 1% that the stock finishes below its initial share price
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| Call: | Automatically at par plus contingent coupon if stock closes at or above initial level on any quarterly valuation date after six months
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| Initial share price: | $42.05
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| Coupon barrier level: | 70% of initial level
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| Trigger value: | 60% of initial level
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 28
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2%
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| Cusip: | 40057KM83
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