New York, March 22 – GS Finance Corp. priced $3.01 million of contingent income autocallable securities due Feb. 1, 2024 linked to the common stocks of American Express Co., Mastercard Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if the lowest performing stock closes at or above the 70% downside threshold on the related quarterly determination date.
The notes will be called at par of $10 plus the contingent coupon if the lowest performing stock closes at or above its initial price on any quarterly determination date after six months.
The payout at maturity will be par plus any final coupon unless the lowest performing stock finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% share price decline of the worst performer.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | American Express Co., Mastercard Inc. and Visa Inc.
|
| Amount: | $3,005,000
|
| Maturity: | Feb. 1, 2024
|
| Coupon: | 8.75% per year, payable each quarter that stock closes at or above coupon threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If lowest performing stock finishes at or above downside threshold, par plus any final coupon; otherwise, full exposure to share price decline of the worst performer
|
| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any quarterly determination date after six months
|
| Initial share prices: | $116.26 for AmEx, $316.29 for Mastercard and $193.25 for Visa
|
| Coupon threshold levels: | $81.382 for AmEx, $221.403 for Mastercard and $135.275 for Visa, 70% of initial levels
|
| Downside thresholds: | $69.756 for AmEx, $189.774 for Mastercard and $115.95 for Visa, 60% of initial levels
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 3
|
| Agent: | Goldman Sachs & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.675%
|
| Cusip: | 36259U642
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
