By Angela McDaniels
Tacoma, Wash., July 29 – Goldman Sachs Group, Inc. priced $2.98 million of callable monthly Russell 2000 index-linked range accrual notes due July 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 8% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 70% of the initial index level. Interest is payable monthly.
If the final index level is greater than or equal to the trigger buffer level, 50% of the initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline.
Beginning July 30, 2016, the notes will be callable at par on any interest payment date.
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: | $2.98 million
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Maturity: | July 30, 2030
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Coupon: | 8% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
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Price: | Par
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Payout at maturity: | If index return is negative 50% or greater, par; otherwise, full exposure to index’s decline
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Call option: | At par on any interest payment date beginning July 30, 2016
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Initial index level: | 1,214.614
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Barrier level: | 850.2298, 70% of initial level
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Pricing date: | July 27
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Settlement date: | July 30
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.55%
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Cusip: | 38148TA82
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