By Angela McDaniels
Tacoma, Wash., Dec. 13 – GS Finance Corp. priced $10 million of autocallable contingent coupon ETF-linked notes due April 4, 2024 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, if the ETF’s closing share price on the observation date is greater than or equal to 85% of the initial share price, the notes will pay a contingent coupon equal to (i) the product of $27.5 (2.75% quarterly, or the potential for up to 11% per year) times the number of observation dates that have occurred up to and including the relevant observation date minus (ii) the sum of all coupons previously paid, if any.
The notes will be automatically called at par if the ETF closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless the ETF finishes below its buffer level, 85% of the initial share price, in which case investors will lose 1.1765% for every 1% that the ETF declines beyond 15%.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter with JPMorgan as placement agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon ETF-linked notes
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| Underlying ETF: | SPDR S&P 500 ETF trust
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| Amount: | $10 million
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| Maturity: | April 4, 2024
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| Coupon: | Each quarter, if ETF’s closing share price on observation date is greater than or equal to 85% of initial share price, coupon will be paid equal to (i) product of $27.5 (2.75% quarterly, or up to 11% per year) times number of observation dates that have occurred up to and including relevant observation date minus (ii) sum of all coupons previously paid, if any
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| Price: | Par
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| Payout at maturity: | Par unless ETF finishes below buffer level, in which case 1.1765% loss for every 1% that ETF declines beyond 15%
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| Call: | Automatically at par if ETF closes at or above initial share price on any quarterly call observation date
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| Initial share price: | $401.35
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| Buffer level: | 85% of initial share price
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| Pricing date: | March 30, 2023
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| Settlement date: | April 4, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Placement agent: | JPMorgan
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| Fees: | 0.1%
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| Cusip: | 40057RD47
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