By William Gullotti
Buffalo, N.Y., Aug. 11 – GS Finance Corp. priced $15 million of 0% index-linked notes due Nov. 18, 2026 linked 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.
If the final level of the index is greater than or equal to 121% of its initial level, the payout at maturity will be par plus 44.03% plus an additional 1.3977% for each 1% gain above 121%, subject to a maximum payout of par plus 62.2001%.
If the index finishes at or above 87% of initial level but finishes below 121% of initial level, the payout at maturity will be par plus 1.295 times the sum of the return and 13%.
If the index finishes below 87% of initial level but at or above 67% of initial level, investors will receive par plus 1.65 times the sum of the return and 13%.
Otherwise, investors will lose 1% for every 1% decline from initial level.
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: | Index-linked notes
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| Underlying index: | S&P 500 index
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| Amount: | $15 million
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| Maturity: | Nov. 18, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the index is greater than 121% of initial level, par plus 44.03% plus an additional 1.3977% for each 1% gain beyond 121%, subject to a maximum payout of par plus 62.2001%; if the index finishes at or above 87% of initial level but finishes below 121% of initial level, par plus 1.295 times the sum of the return and 13%; if the index finishes below 87% of initial level but at or above 67% of initial level, par plus 1.65 times the sum of the return and 13%; otherwise, lose 1% for every 1% decline from initial level
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| Initial index level: | Average of closing levels on each day during period from and including Aug. 4 to and including Aug. 29
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| Final level: | Average of closing levels on each day during the period from and including Aug. 18, 2026 to and including Nov. 13, 2026
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| Buffer level: | 87% of initial level
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| Trigger buffer level: | 67% of initial level
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 15
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.15%
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| Cusip: | 40057MUW7
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