By William Gullotti
Buffalo, N.Y., June 15 – GS Finance Corp. priced $4 million of callable contingent coupon index-linked notes due Nov. 25, 2025 tied to the MSCI Emerging Markets index, the S&P 500 index and the Russell 2000 Value index, 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 8.85% if each index closes at or above the coupon trigger level, 75% of the initial level, on the valuation date for that period.
The notes are callable at par plus the coupon on any quarterly call observation date.
If the notes are not called and each index closes at or above 75% of initial value, the payout will be par plus the final coupon.
If any index falls by more than 25% but less than or equal to 30%, the payout will be par.
If any index falls by more than 30%, investors will be exposed to the losses of the least-performing index at a rate of 1.4286% per 1% decline beyond 30%.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon index-linked notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 Value index, MSCI Emerging Markets index
|
| Amount: | $4,000,000
|
| Maturity: | Nov. 25, 2025
|
| Coupon: | 8.85% annualized rate, payable quarterly if each index closes at or above coupon trigger level on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above coupon trigger, par plus coupon; if any index falls by more than 25% but less than or equal to 30%, par; otherwise, exposure to losses at a rate of 1.4286% per 1% declines beyond 30% of the worst performer
|
| Call option: | At par plus coupon on any quarterly call observation date
|
| Initial index levels: | 4,159.12 for S&P, 2,429.779 for Russell, 1,329.31 for MSCI EM
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| Trigger buffer levels: | 70% of initial levels
|
| Coupon trigger levels: | 75% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 25
|
| Agent: | Goldman Sachs & Co. LLC
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| Fees: | None
|
| Cusip: | 40057HER7
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