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GS Finance plans autocallable contingent coupon notes on Wells Fargo
By Devika Patel
Knoxville, Tenn., Feb. 25 – GS Finance Corp. plans to price autocallable contingent coupon notes due March 15, 2017 linked to Wells Fargo & Co. common shares, 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 payment at an annualized rate of 14.5% if the shares close at or above the 80% threshold level on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if the stock closes at or above the initial price on any determination date.
The payout at maturity will be par plus the final coupon unless the shares finish below the 80% threshold level, in which case investors will be exposed to any declines.
Goldman, Sachs & Co. and JPMorgan are the agents.
The notes (Cusip: 40054K3Y0) will price on Feb. 26 and settle March 2.
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