By Toni Weeks
San Luis Obispo, Calif., April 25 - Goldman Sachs Group, Inc. priced $1.84 million of callable monthly Russell 2000 index-linked range accrual notes due April 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the applicable coupon multiplied by the proportion of days on which the index closes at or above the index trigger level, 75% of the initial level. The applicable coupon is 8% for the first seven years and 9% for the final three years. Interest is payable monthly.
If the final index level is greater than or equal to 65% of the initial level, the payout at maturity will be par. Otherwise, investors will be exposed to losses from the initial index level.
After one year, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable monthly range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $1,838,000
|
| Maturity: | April 26, 2023
|
| Coupon: | The applicable coupon multiplied by the proportion of days on which the index closes at or above 75% of the initial level; coupon is 8% for first seven years, 9% for final three years; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 65% of initial level; otherwise, full exposure to losses
|
| Call option: | At par on any interest payment date beginning April 26, 2014
|
| Initial index level: | 929.36
|
| Trigger level: | 697.02, 75% of initial level
|
| Pricing date: | April 23
|
| Settlement date: | April 26
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.7%
|
| Cusip: | 38141GSB1
|
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