By William Gullotti
Buffalo, N.Y., July 11 – GS Finance Corp. priced $3 million of autocallable contingent coupon ETF-linked notes due July 7, 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% if each ETF closes at or above the coupon trigger level, 80% 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 finishes at or above its coupon trigger, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon trigger but at or above 75% of initial value, the payout will be par. If any ETF falls by more than 25%, investors will lose 1% for every 1% decline of the worst performer below 25%.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon ETF-linked notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
|
| Amount: | $2,999,000
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| Maturity: | July 7, 2025
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| Coupon: | 10% 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 coupon trigger, par plus final coupon; if worst performer further declines but finishes at or above trigger buffer level, par; if any ETF falls by more than 25%, lose 1% for every 1% decline beyond the 25%
|
| 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: | $29.47 for Gold, $19.49 for Silver
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| Trigger buffer levels: | 75% of initial levels
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| Coupon trigger levels: | 80% of initial levels
|
| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 3.25%
|
| Cusip: | 40057MDH9
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