By Kiku Steinfeld
Chicago, April 22 – GS Finance Corp. priced $7.07 million of 0% bearish autocallable notes due Jan. 6, 2023 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 if the index’s closing level has declined from the initial level by more than 43% on any day during the life of the notes.
The index return is the quotient of (i) the initial index level minus the final index level divided by (ii) the initial index level.
At maturity, if the index return is greater than 43% (the final index level has decreased from the initial index level by more than 43%), the payout will be par.
If the index return is less than or equal to 43% but greater than 0% (the final index level has decreased from the initial index level but not by more than 43%), the payout will be par plus the index return.
If the index return is less than or equal to 0% (the final index level increases from the initial index level or is equal to the initial index level), investors will receive the greater of par plus the index return and the minimum settlement amount of 90% of par.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Bearish autocallable notes
|
| Underlying index: | S&P 500
|
| Amount: | $7,065,000
|
| Maturity: | Jan. 6, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index return (quotient of (i) initial index level minus final index level divided by (ii) initial index level) is greater than 43%, par; if index return is less than or equal to 43% but greater than 0%, par plus return; if index return is less than or equal to 0%, greater of par plus return and minimum payout of 90% of par
|
| Call: | Automatically at par if index’s closing level has declined from initial level by more than 43% on any day during life of notes
|
| Initial level: | 4,019.87
|
| Pricing date: | April 1
|
| Settlement date: | April 6
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.35%
|
| Cusip: | 40057FXR0
|
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