Published on 12/28/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $8.04 million callable range accrual notes linked to Libor, S&P
By Tali Rackner
Norfolk, Va., Dec. 28 – GS Finance Corp. priced $8.04 million of callable range accrual notes due Dec. 29, 2031 linked to six-month Libor and 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.
Interest will accrue at an annual rate of 6.25% for each day that the index closes at or above the trigger level, 75% of the initial index level, and the level of six-month Libor is within the rate trigger range of zero to 5%, divided by the total number of days in the interest period. Interest is payable quarterly.
The payout at maturity will be par plus any coupon due.
Beginning Dec. 28, 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 range accrual notes
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Underlyings: | Six-month Libor and S&P 500 index
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Amount: | $8,042,000
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Maturity: | Dec. 29, 2031
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Coupon: | 6.25% for each day that the index closes at or above the trigger level, 75% of the initial index level, and the level of six-month Libor is within the rate trigger range of zero to 5% divided by the total number of days in the interest period; payable quarterly
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Price: | Par of $1,000
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Payout at maturity: | Par plus any coupon due
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Call option: | At par on any interest payment date beginning Dec. 28, 2017
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Initial index level: | 2,260.96
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Index accrual barrier: | 1,695.72, 75% of initial level
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Agent: | Goldman Sachs & Co.
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Fees: | 4.05%
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Cusip: | 40054KRH1
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