By Kiku Steinfeld
Chicago, Nov. 30 – GS Finance Corp. priced $2 million of index-linked notes due Nov. 22, 2024 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
For the first year only, the notes will pay a monthly contingent coupon of 3.3% annualized if the index closes at or above 90% of its initial level on each day of that month.
If the index closes at or above its 90% buffer level on each day of the first year, the notes will be called at par on Nov. 21, 2022. After this date, no coupons will be paid.
If the notes are not called, the payout at maturity will be par plus 1.1111 times the index return plus 10%. As a result, investors will gain or lose 1.1111% for every 1% gain or loss of the index beyond its 10% buffer.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Index-linked notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $2 million
|
| Maturity: | Nov. 22, 2024
|
| Coupon: | 3.3% per year, payable monthly for the first year of the notes if the index closes at or above coupon barrier level on every day of that month; no coupons are payable after Nov. 21, 2022
|
| Price: | Par
|
| Payout at maturity: | If the notes are not called, par plus 1.1111 times the index return plus 10% buffer; in other words, 1.1111% gain or loss for every 1% gain or loss of index beyond buffer
|
| Call: | Automatically at par on Nov. 21, 2022 if the index closes at or above 90% of its initial level on every day during the first year
|
| Initial level: | 4,697.96
|
| Buffer level: | 90% of initial level
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 24
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0%
|
| Cusip: | 40057K6A6
|
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