By Sarah Lizee
Olympia, Wash., July 8 – GS Finance Corp. priced $8.5 million of contingent income autocallable securities due June 29, 2023 linked to the stocks of Apple Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.5% if each stock closes at or above its coupon barrier level, 60% of its initial share price, on the observation date for that quarter.
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, 60% of its initial 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. 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 stocks: | Apple Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $8.5 million
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| Maturity: | June 29, 2023
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| Coupon: | 10.5%, payable quarterly if each stock closes at or above coupon barrier 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: | 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: | $353.63 for Apple, $1,362.54 for Alphabet and $196.33 for Microsoft
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| Coupon barrier levels: | 60% of initial share prices
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| Trigger levels: | 60% of initial share prices
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| Pricing date: | June 26
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| Settlement date: | July 1
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| Underwriter: | 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: | 36259J548
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