By Susanna Moon
Chicago, Jan. 3 – GS Finance Corp. priced $2.79 million of callable contingent coupon notes due Dec. 27, 2027 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate if each index closes at or above its 75% coupon barrier on the review date for that quarter. The contingent coupon will be 7% for first 24 payment dates, stepping up to 10% for the next eight payment dates and to 12% for the final eight payment dates.
The notes are callable at par on any quarterly valuation date after one year.
The payout at maturity will be par unless either index finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying assets: | Russell 2000 index, S&P 500 index
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Amount: | $2,787,000
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Maturity: | Dec. 27, 2027
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Coupon: | 7% annualized for first 24 payment dates, 10% for the next eight payment dates and 12% for the final eight payment dates, payable quarterly if each index closes at or above 75% coupon barrier on review date for that quarter
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Price: | Par
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Call option: | At par on any quarterly valuation date beginning in December 2018
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Payout at maturity: | Par unless either index finishes below 50% trigger, in which case 1% loss for each 1% decline of worse performing index
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Initial index levels: | 1,547.107 for Russell, 2,684.57 for S&P
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Coupon barriers: | 75% of initial levels
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Trigger levels: | 50% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 4.82%
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Cusip: | 40055AAE7
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