By Marisa Wong
Morgantown, W.Va., Nov. 9 – Goldman Sachs Group, Inc. priced $8 million of callable buffered monthly Russell 2000 index-linked range accrual notes due April 30, 2023, 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, 80% of the initial index level. Interest is payable monthly.
If the index return is greater than or equal to negative 20%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline beyond 20%.
Beginning Oct. 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 buffered monthly index-linked range accrual notes
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| Underlying index: | Russell 2000 index
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| Amount: | $8 million
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| Maturity: | April 30, 2023
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| Coupon: | 8% 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 20% or greater, par; otherwise, 1% loss for every 1% decline beyond 20%
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| Call option: | At par on any interest payment date beginning Oct. 30, 2016
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| Initial index level: | 1,178.716
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| Barrier level: | 942.9728, 80% of initial level
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 30
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 4.53%
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| Cusip: | 38148TG29
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