By William Gullotti
Buffalo, N.Y., June 7 – GS Finance Corp. priced $650,000 of callable contingent coupon equity-linked notes due May 17, 2023 linked to the shares of JP Morgan Chase & Co., Citigroup Inc. and Morgan Stanley, according to a 424B2 filing with the Notes and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.6% if each stock closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that period.
The notes are callable at par plus the contingent coupon on any quarterly call valuation date.
If the notes are not called, and each stock finishes greater than or equal to 70% of the initial price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to decline of the worst performer.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon equity-linked notes
|
| Underlying stocks: | JP Morgan Chase & Co., Citigroup Inc., Morgan Stanley
|
| Amount: | $650,000
|
| Maturity: | May 17, 2023
|
| Coupon: | 11.6% per year, payable quarterly if closing price of each stock is greater than or equal to coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If all stocks finish equal to or greater than their barrier level, par plus the final coupon; otherwise, full exposure to the worst performer’s decline
|
| Call: | At par plus contingent coupon on any quarterly call valuation date
|
| Initial share prices: | $157.45 for JPM, $74.23 for Citi, $83.68 for MS
|
| Coupon barrier levels: | 70% of initial share prices
|
| Barrier levels: | 70% of initial share prices
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 1.25%
|
| Cusip: | 40057HBN9
|
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