By Susanna Moon
Chicago, June 6 – GS Finance Corp. priced $9.74 million of contingent income autocallable securities due May 31, 2019 linked to Apple Inc. 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 coupon at an annual rate of 11.65% if the stock closes at or above the 80% downside threshold level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any of the first 11 determination dates.
The payout at maturity will be par plus the final coupon unless Apple shares finish below the 80% downside threshold level, in which case investors will be fully exposed to any losses.
Goldman Sachs & Co. is the underwriter. Morgan Stanley Wealth Management is acting as dealer.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Contingent income autocallable securities
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $9,742,570
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Maturity: | May 31, 2019
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Coupon: | 11.65% per year, payable quarterly if Apple shares close at or above downside threshold level on determination date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | If stock finishes at or above downside threshold level, par plus final contingent coupon; otherwise, full exposed to any losses
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Call: | At par plus contingent coupon if Apple shares close at or above initial share price on any of the first 11 quarterly determination dates
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Initial share price: | $100.35
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Downside threshold: | $80.28, 80% of initial share price
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Pricing date: | May 27
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Settlement date: | June 2
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Underwriter: | Goldman Sachs & Co.
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2.675%
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Cusip: | 36250Y197
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