New Issue: GS Finance prices $475,000 callable contingent coupon notes linked to S&P

By Angela McDaniels

Tacoma, Wash., March 21 – GS Finance Corp. priced $475,000 of callable contingent coupon index-linked notes due July 3, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if the index’s closing level on the observation date for that quarter is greater than or equal to 70% of its initial level. For each $1,000 principal amount of notes, the coupon will be the product of $20 (2% quarterly, or the potential for up to 8% per year) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all coupons previously paid, if any.

Beginning in January 2024, the notes are callable at par quarterly.

The payout at maturity will be par unless the final index level is less than the trigger buffer level, 70% of the initial index level, in which case investors will lose 1% for every 1% that the index declines from its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Callable contingent coupon index-linked notes
Underlying index:	S&P 500 index
Amount:	$475,000
Maturity:	July 3, 2026
Coupon:	Each quarter, notes pay contingent coupon if index’s closing level on observation date for that quarter is greater than or equal to 80% of initial level; for each $1,000 principal amount of notes, coupon is product of $20 (2% quarterly, or the potential for up to 8% per year) times number of coupon observation dates that have occurred up to and including relevant coupon observation date minus (ii) sum of all coupons previously paid, if any
Price:	Par
Payout at maturity:	Par unless final index level is less than trigger buffer level, in which case 1% loss for every 1% that index declines from its initial level
Call option:	Quarterly at par beginning in January 2024
Initial level:	4,450.38
Coupon barrier level:	70% of initial level
Trigger buffer level:	70% of initial level
Pricing date:	June 30, 2023
Settlement date:	July 6, 2023
Underwriter:	Goldman Sachs & Co. LLC
Fees:	1%
Cusip:	40057RZM3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.