By William Gullotti
Buffalo, N.Y., March 20 – GS Finance Corp. priced $5.58 million of callable contingent coupon index-linked notes due Feb. 3, 2028 tied to the S&P 500 index, 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 quarterly coupon if the index closes at or above the coupon trigger level, 85% of the initial level, on the valuation date for that period. The first four coupons, if payable, will pay at a rate of $13.75 per $1,000 principal amount. In the case of the next four, if payable, the rate will up to $15.625 per $1,000, subsequently increasing in four-payment intervals to $18.125 per $1,000, to $20.625 per $1,000 and $23.75 per $1,000 for the final four observation dates.
Whenever a coupon is paid, any previously unpaid coupons will be automatically included in that payment.
After one year, the notes will be callable at the option of the issuer on any quarterly valuation date at par plus any coupon otherwise due.
If the notes are not called and the index finishes at or above 85% of initial value, the payout will be par plus the final coupon and any previously unpaid coupon.
Otherwise, investors will be fully exposed to the index’s decline from its initial level.
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: | Callable contingent coupon index-linked notes
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| Underlying index: | S&P 500 index
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| Amount: | $5,579,000
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| Maturity: | Feb. 3, 2028
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| Coupon: | Payable quarterly if the index closes at or above coupon trigger level, on valuation date for that period; first four coupons will pay $13.75 per note, increasing to $15.625 per note, to $18.125, to $20.625 and to $23.75 per note with every fourth subsequent payment date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If the index finishes at or above coupon trigger level, par plus all unpaid coupons; otherwise, par
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| Call: | At par plus any coupon due on any quarterly review date after one year
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| Initial index level: | 4,076.6
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| Coupon trigger level: | 85% of initial level
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.65%
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| Cusip: | 40057PGT3
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