By William Gullotti
Buffalo, N.Y., July 28 – GS Finance Corp. priced $10 million of autocallable contingent coupon ETF-linked notes due July 25, 2024 tied to the SPDR S&P Biotech ETF, 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 13.85% if the ETF closes at or above the coupon trigger level, 85% 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 85% of initial value, the payout will be par plus the final coupon.
Otherwise, investors will lose 1.1765% for each 1% decline of the ETF beyond 15%.
Goldman Sachs & Co. LLC is the agent, with JPMorgan acting as placement agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon ETF-linked notes
|
| Underlying ETF: | SPDR S&P Biotech ETF
|
| Amount: | $10 million
|
| Maturity: | July 25, 2024
|
| Coupon: | 13.85% 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
|
| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus coupon; otherwise, 1.1765% loss for each 1% decline of the ETF beyond 15%
|
| Call: | At par plus coupon if the ETF closes at or above its initial level on any quarterly call observation date
|
| Initial ETF level: | $84.33
|
| Trigger buffer level: | 85% of initial level
|
| Coupon trigger level: | 85% of initial level
|
| Strike date: | July 20
|
| Pricing date: | July 21
|
| Settlement date: | July 25
|
| Agent: | Goldman Sachs & Co. LLC, with JPMorgan acting as placement agent
|
| Fees: | 0.1%
|
| Cusip: | 40057TM92
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
