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Goldman plans callable buffered monthly range accrual notes on S&P 500
By Toni Weeks
San Luis Obispo, Calif., June 28 - Goldman Sachs Group, Inc. plans to price callable buffered monthly S&P 500 index-linked range accrual notes due April 30, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 6.25% to 6.75% multiplied by the proportion of days on which the index closes at or above 80% of the initial index level. Interest is payable monthly.
The payout at maturity will be par if the index finishes at or above 80% of its initial level. Otherwise, investors will be exposed to losses beyond the 20% buffer.
The notes will be callable at par on any interest payment date beginning July 31, 2014.
Goldman Sachs & Co. is the underwriter.
The notes (Cusip: 38147QEW2) are expected to price July 26 and settle July 31.
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