By William Gullotti
Buffalo, N.Y., July 6 – GS Finance Corp. priced $13.32 million of contingent coupon ETF-linked notes due Jan. 3, 2025 tied to the iShares Silver 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 11.25% if the ETF closes at or above the coupon trigger level, 75% of the initial level, on every trading day during the observation period.
If the ETF finishes at or above its 75% trigger buffer level, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for each 1% decline of the ETF from initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent coupon ETF-linked notes
|
| Underlying fund: | iShares Silver Trust
|
| Amount: | $13.32 million
|
| Maturity: | Jan. 3, 2025
|
| Coupon: | 11.25% annualized rate, payable quarterly if the ETF closes at or above coupon trigger level on every trading day during that period
|
| Price: | Par
|
| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus any final coupon otherwise due; otherwise, full exposure to decline from initial level
|
| Initial ETF level: | $20.84
|
| Trigger buffer level: | 75% of initial level
|
| Coupon trigger level: | 75% of initial level
|
| Strike date: | June 28
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | None
|
| Cusip: | 40057TGK4
|
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