By Marisa Wong
Madison, Wis., Oct. 29 - Goldman Sachs Group, Inc. priced $9 million of callable monthly Russell 2000 index-linked range accrual notes due Oct. 30, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the applicable rate multiplied by the proportion of days on which the index closes at or above 75% of the initial index level. The applicable rate is 8% for the first 60 monthly interest payment dates, 10% for the next 60 monthly interest payment dates and 12% for the final 60 months.
The payout at maturity will be par unless the index falls by more than 50%, in which case investors will be fully exposed to the index decline from the initial level.
The notes will be callable at par on any interest payment date beginning Oct. 30, 2014.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable monthly range accrual notes
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Underlying index: | Russell 2000
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Amount: | $8,997,000
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Maturity: | Oct. 30, 2028
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Coupon: | Applicable rate multiplied by proportion of days on which index closes at or above trigger level; applicable rate is 8% for first 60 monthly interest payment dates, 10% for next 60 monthly interest payment dates and 12% for final 60 months
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Price: | Par
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Payout at maturity: | Par if final index level is at least 50% of initial level; otherwise, full exposure to losses from initial level
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Call option: | At par on any interest payment date beginning Oct. 30, 2014
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Initial level: | 1,118.34
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Trigger level: | 838.755, 70% of initial level
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Pricing date: | Oct. 25
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Settlement date: | Oct. 30
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.28%
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Cusip: | 38147QZN9
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