By Angela McDaniels
Tacoma, Wash., Aug. 23 – GS Finance Corp. priced $1.6 million of callable buffered monthly range accrual notes due Aug. 24, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The interest rate is 5.2% 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 index return is at least negative 30%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 30%.
Beginning Aug. 24, 2017, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable buffered monthly range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $1.6 million
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| Maturity: | Aug. 24, 2026
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| Coupon: | 5.2% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 30%, in which case 1% loss for every 1% that index declines beyond 30%
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| Call option: | At par on any interest payment date beginning Aug. 24, 2017
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| Initial index level: | 2,183.87
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| Barrier level: | 1,528.709, 70% of initial level
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 24
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 5.7%
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| Cusip: | 40054KHP4
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