By Sarah Lizee
Olympia, Wash., July 20 – GS Finance Corp. priced $1.06 million of autocallable contingent coupon notes due July 25, 2022 linked to the worst performing of the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 8% if each index closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly coupon determination date after six months.
If the notes are not called, the payout will be par if all the indexes close above their 65% of their initial levels.
Otherwise, investors will be exposed to the losses of the worst performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | S&P 500 index and Russell 2000
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Amount: | $1,057,000
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Maturity: | July 25, 2022
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Coupon: | 8%, payable quarterly if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par if all the indexes close above their 65% of their initial levels; otherwise, exposure to the losses of the worst performing index
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Call: | Automatically at par if each index closes at or above initial levels on any coupon determination date after six months
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Initial levels: | 3,215.57 for S&P, 1,467.564 for Russell
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Coupon barrier levels: | 60% of initial levels
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Final barrier levels: | 65% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 0.825%
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Cusip: | 40057CG54
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