By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – GS Finance Corp. priced $19.5 million of contingent income autocallable securities due Sept. 4, 2020 linked to Apple Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.25% if the stock closes at or above the 80% downside threshold on a determination date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any of the first 11 determination dates.
The payout at maturity will be par plus the final contingent coupon unless the stock finishes below the 80% downside threshold, in which case investors will lose 1% for each 1% decline.
The notes will be guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Apple Inc.
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| Amount: | $19,500,300
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| Maturity: | Sept. 4, 2020
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| Coupon: | 9.25% per year, payable quarterly if shares close at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to any losses
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| Call: | At par plus contingent coupon if shares close at or above initial price on any determination date other than the final date
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| Initial share price: | $164.05
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| Downside threshold: | $131.24, 80% of initial share price
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| Pricing date: | Sept. 1
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| Settlement date: | Sept. 7
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.675%
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| Cusip: | 36253M638
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