By Wendy Van Sickle
Columbus, Ohio, May 16 – GS Finance Corp. priced $648,000 of callable buffered monthly range accrual notes due Nov. 17, 2024 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.
Interest accrues at an annual rate of 5% for each day that the index closes at or above the barrier level, 75% of the initial index level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 25%, in which case investors will lose 1% for each 1% decline beyond the 75% barrier level.
The notes will be callable at par plus any interest due on any interest payment date on or after May 17, 2018.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable buffered monthly range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $648,000
|
| Maturity: | Nov. 17, 2024
|
| Coupon: | 5% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless index falls by more than 25%, in which case 1% loss for every 1% that index declines beyond 25%
|
| Call option: | At par plus interest on any interest payment date on or after May 17, 2018
|
| Initial index level: | 2,390.90
|
| Barrier level: | 1,793.175, 75% of initial level
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| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Goldman Sachs & Co.
|
| Fees: | 4.4%
|
| Cusip: | 40054LAC8
|
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