By William Gullotti
Buffalo, N.Y., Aug. 2 – GS Finance Corp. priced $2 million of contingent income autocallable securities due Aug. 1, 2024 linked to the common stock of Schlumberger Ltd., 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 8.3% if the stock closes at or above the 65% coupon threshold on the related determination date.
The notes will be automatically called at par of $10 plus the contingent coupon if the stock closes at or above its initial price on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon if the stock finishes above the coupon threshold.
If the stock falls below the coupon threshold but finishes at or above its 50% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% share price decline.
Goldman Sachs & Co. is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Schlumberger Ltd.
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| Amount: | $1,995,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 8.3% annual rate, payable quarterly if stock closes at or above coupon threshold level on determination date for that period
|
| Price: | Par of $10
|
| Payout at maturity: | If stock finishes at or above coupon threshold, par plus the final coupon; if the stock falls below coupon threshold but finishes at or above its downside threshold, par; otherwise, lose 1% for each 1% decline from initial share price
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on any quarterly determination date after six months
|
| Initial share price: | $29.18
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| Coupon threshold: | $18.967; 65% of initial price
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| Downside threshold: | $14.59; 50% of initial price
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| Pricing date: | July 27
|
| Settlement date: | July 30
|
| Agent: | Goldman Sachs & Co.
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| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 36261B475
|
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