By William Gullotti
Buffalo, N.Y., Nov. 20 – GS Finance Corp. priced $10 million of autocallable contingent coupon equity-linked securities due Oct. 6, 2025 linked to the common stock of Microsoft Corp., 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 annualized rate of 12.35% if the stock closes at or above the coupon barrier price, 85% of the initial price, 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 automatically called at par plus the contingent coupon if the stock closes at or above the initial share price on any monthly valuation date.
If the notes are not called and the final share price is greater than or equal to the 85% buffer level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1.1765% for every 1% decline of the stock beyond 15%.
Goldman Sachs & Co. LLC is the agent with JPMorgan acting as placement agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Microsoft Corp.
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| Amount: | $10 million
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| Maturity: | Oct. 6, 2025
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| Coupon: | 12.35% annually, payable monthly, if stock closes at or above coupon barrier level on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If notes are not called and final share price is greater than or equal to buffer level, par plus final coupon; otherwise, lose 1.1765% for every 1% decline of the stock beyond 15%
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| Call: | Automatically at par plus contingent coupon if stock closes at or above initial level on any monthly valuation date
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| Initial share price: | $370.27
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| Coupon barrier level: | 85% of initial level
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| Buffer level: | 85% of initial level
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| Strike date: | Nov. 14
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Agent: | Goldman Sachs & Co. LLC, with JPMorgan acting as placement agent
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| Fees: | 0.1%
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| Cusip: | 40057XAC9
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