New Issue: Goldman Sachs sells $5 million 15.6% reverse exchangeables linked to American Axle

By Angela McDaniels

Seattle, Jan. 27 - The Goldman Sachs Group Inc. priced $5 million 15.6% reverse exchangeable notes due Jan. 29, 2007, linked to American Axle & Manufacturing Holdings Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.

Issuer:	The Goldman Sachs Group Inc.
Issue:	Reverse exchangeable medium-term series B notes
Underlying stock:	American Axle & Manufacturing Holdings Inc.
Amount:	$5,000,168.55
Maturity:	Jan. 29, 2007
Coupon:	15.6%
Price:	Par of $18.005 (closing price of American Axle stock on pricing date)
Payout at maturity:	If American Axle stock finishes at or above the threshold price (80% of initial level), payout is par; if stock closes below threshold price, then par minus 1.25 times decline beyond 20%
Initial price:	$18.005 (closing price of American Axle stock on pricing date)
Threshold price:	80%, or $14.404 per share
Pricing date:	Jan. 20
Settlement date:	Jan. 27
Underwriter:	Goldman Sachs & Co.
Distribution:	Off shelf

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