By William Gullotti
Buffalo, N.Y., March 28 – GS Finance Corp. priced $4.23 million of autocallable contingent coupon ETF-linked notes due March 31, 2025 tied to the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, 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 monthly coupon at an annual rate of 10.5% if each ETF closes at or above the coupon trigger level, 75% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each ETF closes at or above its initial level on any monthly call observation date after one year.
If the notes are not called and each ETF closes at or above 80% of initial value, the payout will be par plus the final coupon.
If any ETF falls by more than 20%, investors will lose 1% for every 1% decline of the worst performer below 20%.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon ETF-linked notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
|
| Amount: | $4,229,000
|
| Maturity: | March 31, 2025
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| Coupon: | 10.5% annualized rate, payable monthly if each ETF closes at or above coupon trigger level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus coupon; if any ETF falls by more than 20%, lose 1% for every 1% decline beyond the 20%
|
| Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly call observation date after one year
|
| Initial ETF levels: | $38.72 for Gold, $23.24 for Silver
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| Trigger buffer levels: | 80% of initial levels
|
| Coupon trigger levels: | 75% of initial levels
|
| Pricing date: | March 23
|
| Settlement date: | March 28
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 3.25%
|
| Cusip: | 40057LH53
|
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