By Angela McDaniels
Tacoma, Wash., Feb. 29 – GS Finance Corp. priced $2.96 million of autocallable contingent coupon notes due March 11, 2026 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Goldman Sachs Group, Inc. guarantees the notes.
Each quarter, the notes pay a contingent coupon at the rate of 6.8% per year if each index’s closing level is greater than or equal to 50% of its initial level on the determination date for that quarter.
Beginning in February 2017, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any determination date.
If the notes have not been called and the return of each index is greater than or equal to negative 50%, the payout maturity will be par plus the contingent coupon. If the return of either index is less than negative 50%, investors will be fully exposed to the decline of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $2,955,000
|
| Maturity: | March 11, 2026
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 6.8% per year if each index’s closing level is greater than or equal to 50% of initial level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If return of each index is greater than or equal to negative 50%, par plus contingent coupon; if return of either index is less than negative 50%, full exposure to decline of lesser-performing index
|
| Call: | Beginning in February 2017, notes will be automatically called at par plus contingent coupon if each index closes at or above its initial level on any determination date
|
| Initial level: | 1,951.70 for S&P 500 and 1,031.576 for Russell 2000
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 29
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.95%
|
| Cusip: | 40054K2S4
|
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