Published on 1/11/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $300 million 0.5% equity-linked notes tied to NIKE
By Marisa Wong
Los Angeles, Jan. 11 – GS Finance Corp. priced $300 million of 0.5% fixed-rate equity-linked notes due Dec. 29, 2027 tied to the class B common stock of NIKE, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes priced at 102.5.
The payout at maturity will be an amount in cash equal to the average of, for each valuation date, the greater of (i) the exchange value of the stock on that valuation date and (ii) par of $1,000.
The valuation dates are the 10 trading days ending Dec. 22, 2027.
The exchange value of the stock will be calculated on each valuation date and in each case will equal the product of (i) the volume-weighted average price of one share of the stock for that valuation date times (ii) the exchange rate of 6.7936.
The exchange rate is the quotient of (i) 1,000 divided by (ii) the product of 1.2675 times the initial share price.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Fixed-rate equity-linked notes
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| Underlying stock: | NIKE, Inc. (Symbol: NKE)
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| Amount: | $300 million
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| Maturity: | Dec. 29, 2027
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| Coupon: | 0.5%
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| Price: | 102.5
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| Payout at maturity: | Amount in cash equal to average of, for each valuation date, greater of (i) exchange value of stock on that valuation date and (ii) par of $1,000
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| Exchange value: | Product of (i) VWAP of one share of stock for valuation date times (ii) 6.7936
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| Exchange rate: | Quotient of (i) 1,000 divided by (ii) product of 1.2675 times initial share price
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| Valuation dates: | Dec. 9, 2027, Dec. 10, 2027, Dec. 13, 2027, Dec. 14, 2027, Dec. 15, 2027, Dec. 16, 2027, Dec. 17, 2027, Dec. 20, 2027, Dec. 21, 2027 and Dec. 22, 2027
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| Initial share price: | $116.13235 (equal to average of VWAP of one share of stock on trade date and trading day immediately following trade date)
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| Trade date: | Dec. 22
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| Pricing date: | Dec. 23
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| Settlement date: | Jan. 3
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | None
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| Cusip: | 40057PBH4
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