By William Gullotti
Buffalo, N.Y., July 13 – GS Finance Corp. priced $6.5 million of contingent income autocallable securities due July 3, 2025 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a contingent quarterly coupon at an annual rate of 13.25% if the stock closes at or above its 75% coupon barrier on the corresponding observation date.
The securities will be called at par plus the coupon if the stock closes at or above its initial level on any quarterly determination date starting Dec. 30, 2022.
If the stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the stock finishes below its coupon barrier but at or above its 65% downside threshold level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | JPMorgan Chase & Co.
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| Amount: | $6.5 million
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| Maturity: | July 3, 2025
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| Coupon: | 13.25% per annum, paid quarterly if the stock closes at or above coupon barrier level on the relevant observation date
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above coupon barrier, par plus final coupon; if stock finishes below coupon barrier but not below downside threshold, par; otherwise, full exposure to stock decline from initial level
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| Call: | Automatically at par plus the coupon if the stock closes at or above its initial level on any quarterly determination date starting Dec. 30, 2022
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| Initial level: | $112.61
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| Coupon barrier: | $84.4575, 75% of initial level
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| Downside threshold: | $73.1965, 65% of initial level
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.5%
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| Cusip: | 36263Q843
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