By William Gullotti
Buffalo, N.Y., Aug. 1 – GS Finance Corp. priced $3.92 million of callable contingent coupon index-linked notes due July 19, 2028 tied to the S&P 500 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 monthly coupon at an annual rate of 7% if the index closes at or above the coupon trigger level, 60% of the initial level, on the valuation date for that period.
After one year, the notes will be callable at the option of the issuer on any monthly valuation date at par plus any coupon otherwise due.
If the notes are not called and the index finishes at or above the coupon trigger level, the payout will be par plus the final coupon.
If the index finishes below the coupon trigger but at or above the 50% trigger buffer level, the payout will be par. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
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 index: | S&P 500 index
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Amount: | $3.92 million
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Maturity: | July 19, 2028
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Coupon: | 7% annualized rate, payable monthly if the index closes at or above coupon trigger level on the relevant observation date
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Price: | Par
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Payout at maturity: | If the index finishes at or above coupon trigger level, par plus final coupon; if index finishes below coupon trigger level but at or above trigger buffer level, par; otherwise, investors will lose 1% for every 1% index decline from initial level
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Call option: | At par plus any coupon due on any monthly review date after one year
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Initial index level: | 4,505.42
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Coupon trigger level: | 60% of initial level
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Trigger buffer level: | 50% of initial level
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Pricing date: | July 14
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Settlement date: | July 19
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.57%
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Cusip: | 40057TJJ4
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