By Wendy Van Sickle
Columbus, Ohio, July 28 – GS Finance Corp. priced $1 million of callable contingent coupon index-linked notes due July 23, 2026 tied to the S&P 500 index and the Russell 2000 index, 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 8.5% if each index closes at or above the coupon trigger level, 80% of the initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due on any quarterly call observation date after one year.
If the notes have not been called and each index finishes at or above its coupon trigger, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon trigger but at or above 70% trigger level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the worst performer declines.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon index-linked notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1 million
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| Maturity: | July 23, 2026
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| Coupon: | 8.5% annualized rate, payable quarterly if each index closes at or above coupon trigger level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon trigger level; if worst performer finishes below coupon trigger level but at or above trigger level, par; otherwise, lose 1% for every 1% decline of worst performer
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| Call option: | At par plus any coupon due on any quarterly call observation date after one year
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| Initial index levels: | 1,967.16 for Russell, 4,534.87 for S&P
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| Coupon trigger levels: | 70% of initial levels
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| Trigger levels: | 70% of initial levels
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| Pricing date: | July 20
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| Settlement date: | July 25
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 40057TLA0
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