By William Gullotti
Buffalo, N.Y., March 10 – GS Finance Corp. sold $1.1 million of 0% market-linked securities – autocallable with contingent coupon with memory feature and contingent downside due March 8, 2027 linked to the stock performance Chevron Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The securities are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly interest payment at the rate of 12.3% per year if each stock closes at or above the coupon barrier level, 80% of the initial level, on the observation date for that period. Previously unpaid interest payments, if any, will be automatically included whenever interest is paid.
The notes will be automatically called at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 80% threshold level. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities LLC and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Market-linked securities – autocallable with contingent coupon with memory feature and contingent downside
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| Underlying stocks: | Chevron Corp., Exxon Mobil Corp.
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| Amount: | $1.1 million
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| Maturity: | March 8, 2027
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| Coupon: | 12.3% annual rate, payable quarterly if each stock closes at or above coupon barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
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| Level: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above its threshold level; otherwise, full exposure to decline of worst performer from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | $164.96 for Chevron, $112.81 for Exxon Mobil
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| Coupon barriers: | 80% of initial levels
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| Threshold levels: | 80% of initial levels
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Agents: | Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
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| Fees: | 2.325%
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| Cusip: | 40057PVK5
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