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Goldman Sachs to price autocallable leveraged notes linked to GM
By Toni Weeks
San Luis Obispo, Calif., June 12 – Goldman Sachs Group, Inc. plans to price 0% autocallable leveraged equity-linked notes due July 1, 2015 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at 116% of par if GM shares close at or above the call price, 108% of the initial share price, on Sept. 25, Dec. 26, 2014 or March 26, 2015.
If the notes are not called and the stock return is positive, the payout at maturity will be par plus 200% of the stock return, subject to a maximum return of 16%. If the stock return is negative, investors will have 1-to-1 exposure to the decline.
The final share price will be the average of the closing share prices on the five trading days ending June 26, 2015.
Goldman Sachs & Co. is the underwriter with J.P. Morgan Securities LLC as agent.
The notes are expected to price June 13 and settle June 18.
The Cusip number is 38147QAZ9.
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