By William Gullotti
Buffalo, N.Y., June 21 – GS Finance Corp. priced $1.68 million of autocallable contingent coupon equity-linked securities due May 18, 2023 linked to the common stock of Bank of America Corp., 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 9% if the stock closes at or above the coupon barrier price, 76.85% of the initial price, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the contingent coupon if the stock close at or above the initial share price on any quarterly valuation date.
If the notes are not called and the final share price is greater than or equal to the 76.85% final barrier price, the payout at maturity will be par plus any previously unpaid coupons.
Otherwise, investors will be fully exposed to the decline of the stock price.
Goldman Sachs & Co. LLC is the agent. JPMorgan is the placement agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying stocks: | Bank of America Corp.
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Amount: | $1,675,000
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Maturity: | May 18, 2023
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Coupon: | 9% annual rate, payable quarterly if stock closes above coupon barrier level; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | If notes are not called and final share price is greater than or equal to final barrier price, par plus previously unpaid coupons; otherwise, full exposure to decline in the stock
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Call: | Automatically at par plus contingent coupon if stock closes at or above initial level on any quarterly valuation date
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Initial share price: | $41.84
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Coupon barrier level: | 76.85% of initial level
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Final barrier level: | 76.85% of initial level
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Pricing date: | May 13
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Settlement date: | May 18
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Agent: | Goldman Sachs & Co. LLC
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Placement agent: | JPMorgan
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Fees: | 1.5%
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Cusip: | 40057HCX6
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