By William Gullotti
Buffalo, N.Y., Feb. 27 – GS Finance Corp. priced $2 million of callable contingent coupon equity-linked notes due Feb. 19, 2027 linked to the stock performance of Tesla, Inc. and Delta Air Lines, Inc., according to a 424B2 filing with the Notes and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 20% if each stock closes at or above the coupon barrier price, 75% of the initial price, on every trading day during the observation period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes are callable at par plus any coupon due on any quarterly call valuation date.
If the notes are not called, and each stock’s final level is greater than or equal to 75% of its initial price, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 25%.
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 equity-linked notes
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| Underlying stocks: | Tesla, Inc., Delta Air Lines, Inc.
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| Amount: | $2 million
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| Maturity: | Feb. 19, 2027
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| Coupon: | 20% per year, payable quarterly if closing price of each stock is greater than or equal to coupon barrier price on every trading day during the evaluation period; coupon payment events will also include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If all stocks finish at or above buffer level, par plus any final coupon otherwise due; otherwise, 1% loss for each 1% decline of worst performer beyond 25%
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| Call option: | At par plus any coupon due on any quarterly call valuation date
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| Initial share prices: | $40.12 for Delta, $199.95 for Tesla
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| Coupon barrier price: | 75% of initial share price
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| Buffer level: | 75% of initial share price
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| Strike date: | Feb. 16
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 23
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | None
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| Cusip: | 40057YFW8
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