New Issue: GS Finance sells $999,000 index-linked notes on Russell, S&P

By William Gullotti

Buffalo, N.Y., July 25 – GS Finance Corp. priced $999,000 of 0% index-linked notes due Feb. 9, 2023 linked to the least performing of the Russell 2000 index and 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.

If the return of each index is zero or positive, the payout at maturity will be par plus the return of the laggard index, subject to a maximum return of par plus 20.25%.

If the least performing index falls by up to 10%, the payout will be par plus the absolute value of the worst performer’s return.

Otherwise, investors will lose 1% for every 1% decline of the worst performer below 10%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$999,000
Maturity:	Feb. 9, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus the return of the laggard index capped at 20.25%; if any index falls but the final underlier level of each is greater than or equal to the 90% trigger buffer level, par plus the absolute return of the worst performer; otherwise, 1% loss for every 1% decline of the worst performer below 10%
Initial levels:	2,206.372 for Russell, 4,696.05 for S&P
Trigger buffer levels:	90% of initial levels
Pricing date:	Jan. 6
Settlement date:	Jan. 11
Agent:	Goldman Sachs & Co. LLC
Fees:	0.43%
Cusip:	40057KNM1

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