Published on 3/8/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.28 million more equity-linked notes on AbbVie
By Marisa Wong
Los Angeles, March 8 – GS Finance Corp. priced $4,281,000 of additional 0% equity-linked notes due Feb. 28, 2028 tied to the common stock of AbbVie Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The company issued the original $71.7 million of notes on Feb. 3, $624,000 of reopened notes on Feb. 5 and another $5.85 million of reopened notes on Feb. 10. The latest add-on priced at 99.1095 and was issued on Feb. 11.
The notes are guaranteed by Goldman Sachs Group, Inc.
The payout at maturity will be the greater of 7.0145 times the closing price of the shares per each $1,000 principal amount of notes and par.
The 7.0145 exchange rate is the quotient of (i) 1,000 divided by (ii) the product of (a) 1.3825 times (b) the initial share price of $103.119 (which is higher than the actual closing price of the stock on the trade date, which is $102.79).
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Equity-linked notes
|
| Underlying stock: | AbbVie Inc. (Symbol: ABBV)
|
| Amount: | $82,455,000 (increased from $78,174,000)
|
| Maturity: | Feb. 3, 2028
|
| Coupon: | 0%
|
| Price: | Par for original issue; 99.42 for first reopened notes; 99.35 for second reopened notes; and 99.1095 for third reopened notes
|
| Payout at maturity: | Greater of par of $1,000 and 7.0145 times the final share price
|
| Initial share price: | $103.119
|
| Pricing date: | Jan. 27 for $71.7 million; Feb. 3 for $624,000; Feb. 8 for $5.85 million; Feb. 9 for $4,281,000
|
| Settlement date: | Feb. 3 for $71.7 million; Feb. 5 for $624,000; Feb. 10 for $5.85 million; Feb. 11 for $4,281,000
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.375% for original issue; 0.4% for first reopened notes; 0.375% for second and third reopened notes
|
| Cusip: | 40057FE42
|
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