By Wendy Van Sickle
Columbus, Ohio, March 29 – GS Finance Corp. priced $316,600 of 0% trigger autocallable GEARS due March 31, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an 8% annualized premium if the index closes at or above its initial level on March 30, 2020 or March 30, 2021.
If the notes are not called and the index finishes at or above its initial level, the payout at maturity will be par plus 2 times the index gain.
If the index declines, but finishes above its 68.45% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the index’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger step securities
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| Underlying index: | S&P 500
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| Amount: | $316,600
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| Maturity: | March 31, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus an 8% annualized premium if the index closes at or above its initial level on March 30, 2020 or March 30, 2021
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| Payout at maturity: | If index gains, par plus 2 times the gain; par if index falls by 31.55% or less; full exposure to losses if index finishes below downside threshold level
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| Initial index level: | 2,818.46
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| Downside threshold: | 1,929.24, 68.45% of initial level
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
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| Fees: | 2.75%
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| Cusip: | 36257D287
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