By Wendy Van Sickle
Columbus, Ohio, Nov. 13 – GS Finance Corp. priced $704,000 of autocallable contingent coupon notes due Nov. 8, 2022 linked to the common stock of Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.25% if each stock closes at or above its trigger level, 65% of its initial share price, on the observation date for that quarter.
Beginning in May 2020, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its trigger level, in which case investors will be exposed to the decline of the least-performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley
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| Amount: | $704,000
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| Maturity: | Nov. 8, 2022
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| Coupon: | 10.25%, payable quarterly if each stock closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger level, in which case exposure to decline of least-performing stock
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| Call: | Beginning in May 2020, automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $31.80 for BofA, $127.80 for JPMorgan and $47.33 for Morgan Stanley
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| Trigger levels: | 65% of initial share prices
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| Pricing date: | Nov. 1
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| Settlement date: | Nov. 8
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 40056XNP7
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