By William Gullotti
Buffalo, N.Y., July 28 – GS Finance Corp. sold $3 million of 0% market-linked autocallable securities with contingent downside due July 24, 2026 linked to the stock performance of Halliburton Co., Chevron Corp. and ConocoPhillips, 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 10.25% per year if each stock closes at or above the coupon barrier level, 50% of the initial level, on the observation date for that period.
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 50% 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.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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| Underlying stocks: | Halliburton Co., Chevron Corp., ConocoPhillips
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| Amount: | $2,998,000
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| Maturity: | July 24, 2026
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| Coupon: | 10.25% annual rate, payable quarterly if each stock closes at or above coupon barrier level on the relevant observation date
|
| 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: | $36.94 for Halliburton, $158.69 for Chevron, $112.89 for ConocoPhillips
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| Coupon barriers: | 50% of initial levels
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| Threshold levels: | 50% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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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: | 40057TKJ2
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