By Wendy Van Sickle
Columbus, Ohio, July 12 – GS Finance Corp. priced $10 million of contingent income buffered autocallable securities due July 2, 2024 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 10.55%, paid quarterly, if the underlying ETF closes at or above its 90% downside threshold on the related observation date. Previously unpaid coupons will also be paid.
The securities will be called on any quarterly determination date if the ETF closes above its initial level.
At maturity the payout will be par unless the ETF declines by more than its 10% buffer in which case investors will be exposed to 111.11% of the decline of the ETF beyond the buffer.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent. JPMorgan is the dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income buffered autocallable securities
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| Underlying ETF: | SPDR S&P 500 ETF trust
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| Amount: | $10 million
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| Maturity: | July 2, 2024
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| Coupon: | 10.55% annual rate, paid quarterly, if the underlying ETF closes at or above its downside threshold on the related quarterly observation date; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par if ETF gains or loses no more than its 10% buffer, otherwise investors will be exposed to 111.11% of the decline in the ETF beyond the buffer
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| Call: | At par on any quarterly determination date if ETF closes above initial level
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| Initial level: | $431.44
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| Buffer level: | 90% of initial level
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| Buffer: | 10%
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| Downside leverage: | 111.11%
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | JPMorgan
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| Fees: | 0.1%
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| Cusip: | 40057TEE0
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