By William Gullotti
Buffalo, N.Y., July 2 – GS Finance Corp. priced $44.65 million of trigger autocallable contingent yield notes due July 2, 2026 linked to the SPDR S&P 500 ETF Trust and Energy Select Sector SPDR Fund, 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 6.54% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par of $10 if each ETF closes at or above its initial level on any observation date after six months.
The payout at maturity will be par plus coupon due unless either ETF finishes below the 70% coupon barrier. If the worst performer falls by up to the 60% downside threshold, the payout at maturity will be par. If any ETF falls beyond the threshold, investors will lose 1% for each 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETFs: | SPDR S&P 500 ETF Trust, Energy Select Sector SPDR Fund
|
| Amount: | $44,648,010
|
| Maturity: | July 2, 2026
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| Coupon: | 6.54%, payable quarterly if each ETF closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any observation date after six months
|
| Payout at maturity: | If each ETF closes above coupon barrier, par plus final coupon; if any ETF falls by up to downside threshold, par; otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level
|
| Initial levels: | $427.47 for SPDR S&P 500, $53.47 for Energy
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| Coupon barriers: | $299.23 for SPDR S&P 500, $37.43 for Energy; 70% of initial levels
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| Downside thresholds: | $256.48 for SPDR S&P 500, $32.08 for Energy; 60% of initial levels
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| Pricing date: | June 28
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| Settlement date: | June 30
|
| Agents: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
|
| Fees: | 2.25%
|
| Cusip: | 36261B103
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