By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – GS Finance Corp. priced $4.5 million of autocallable contingent coupon equity-linked notes due Feb. 19, 2027 linked to the stocks of Microsoft Corp. and ConocoPhillips, 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 9% if each stock closes above its coupon barrier price, 52.4% of its initial price, on the corresponding observation date. Previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par plus any coupon due if both stocks finish above 52.4% of their initial levels. Otherwise, investors will be fully exposed to the losses of the worst performer.
Goldman Sachs & Co. LLC is the underwriter.
| 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 stocks: | Microsoft Corp. and ConocoPhillips
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| Amount: | $4.5 million
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| Maturity: | Feb. 19, 2027
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| Coupon: | 9% annual rate; payable quarterly if closing price of each stock is greater than or equal to coupon barrier on the corresponding observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due if both stocks close above trigger levels; otherwise, full exposure to losses of worst performer
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date
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| Initial share prices: | $406.56 for Microsoft, $111.00 for ConocoPhillips
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| Coupon barrier prices: | 52.4% of initial levels
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| Trigger buffer levels: | 52.4% of initial levels
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 2%
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| Cusip: | 40057YBU6
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