By Kiku Steinfeld
Chicago, March 3 – GS Finance Corp. priced $500,000 of autocallable contingent coupon notes due Sept. 17, 2026 linked to the SPDR S&P Metals & Mining ETF and the iShares Silver Trust, 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 of 8% per annum if each ETF closes at or above its 80% coupon trigger level on the determination date for that month.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any monthly call date after one year.
The payout at maturity will be par plus the final coupon unless the lesser performing ETF closes below 85% of its initial level.
If the lesser performing ETF loses more than 15% but falls no lower than 20% from its initial level, the payout will be par plus the lowest return with a 15% buffer. The final coupon will also be paid. For clarity, the return will be less than the face value of the notes.
If the lesser performing ETF loses more than 20%, investors will lose 1% for each 1% decline of that ETF beyond the 15% buffer. No coupon will be paid.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
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| Underlying ETFs: | SPDR S&P Metals & Mining ETF, iShares Silver Trust
|
| Amount: | $500,000
|
| Maturity: | Sept. 17, 2026
|
| Contingent coupon: | 8% annualized, payable monthly if each ETF closes at or above 80% coupon trigger level on the determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless the lesser performing ETF closes below 85% of initial level; if the lesser performing ETF loses more than 15% but no more than 20%, par plus the lowest return plus 15% buffer and the coupon; otherwise, investors will receive par plus the lowest return plus 15% buffer but will receive no coupon
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly call date after one year
|
| Initial ETF levels: | $44.70 for Metals, $21.99 for Silver
|
| Coupon trigger levels: | 80% of initial levels
|
| Buffer levels: | 85% of initial levels
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 3.5%
|
| Cusip: | 40057JJ64
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