By William Gullotti
Buffalo, N.Y., March 18 – GS Finance Corp. priced $11 million of autocallable contingent coupon ETF-linked notes due March 17, 2025 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 monthly coupon at an annual rate of 14.75% if the ETF closes at or above the coupon trigger level, 80% 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 a coupon if the ETF closes at or above its initial level on any monthly call observation date.
If the notes are not called and the ETF closes at or above 80% of initial value, the payout will be par plus the final coupon.
Otherwise, investors will lose 1.25% for each 1% that the ETF declines beyond 20%.
Goldman Sachs & Co. LLC is the agent, with JPMorgan acting as placement agent.
| Issuer: | GS Finance Corp.
|
| 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 Biotech ETF
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| Amount: | $11 million
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| Maturity: | March 17, 2025
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| Coupon: | 14.75% annualized rate, payable monthly 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
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| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus final coupon; otherwise, 1.25% loss for each 1% decline beyond 20%
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| Call: | At par plus coupon if the ETF closes at or above its initial level on any monthly call observation date
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| Initial ETF level: | $96.83
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| Trigger buffer level: | 80% of initial level
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| Coupon trigger level: | 80% of initial level
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| Strike date: | March 11
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| Pricing date: | March 12
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| Settlement date: | March 15
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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: | 40057YQ71
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