By William Gullotti
Buffalo, N.Y., June 7 – GS Finance Corp. priced $10 million of autocallable contingent coupon ETF-linked notes due June 7, 2024 tied to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 11.23% if the ETF closes at or above the coupon trigger level, 87% of the initial level, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus coupon if the ETF closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the ETF finishes at or above 87% of initial value, the payout will be par plus the final coupon.
Otherwise, investors will lose 1.1494% for each 1% decline of the ETF beyond 13%.
Goldman Sachs & Co. LLC is the agent, with JPMorgan acting as placement agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon ETF-linked notes
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| Underlying ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | June 7, 2024
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| Coupon: | 11.23% annualized rate, payable quarterly if the ETF closes at or above coupon trigger level, on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus coupon; otherwise, 1.1494% loss for each 1% decline of the ETF beyond 13%
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| Call: | At par plus coupon if the ETF closes at or above its initial level on any quarterly call observation date
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| Initial ETF level: | $417.85
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| Trigger buffer level: | 87% of initial levels
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| Coupon trigger level: | 87% of initial levels
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| Strike date: | May 31
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| Pricing date: | June 1
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| Settlement date: | June 6
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| Agent: | Goldman Sachs & Co. LLC, with JPMorgan acting as placement agent
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| Fees: | 0.1%
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| Cusip: | 40057T5X8
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