By Tali Rackner
Norfolk, Va., Aug. 23 – GS Finance Corp. priced $1 million of autocallable contingent coupon notes due Aug. 24, 2021 linked to the Russell 2000 index, 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 quarterly coupon at an annual rate of 9.5% if the index closes at or above 80% of its initial level on the observation date for that quarter.
Beginning in February 2017, the notes will be automatically called at par plus the coupon due if the index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless the notes close below their 80% coupon level.
The payout will be par if the index drops below negative 20% but not below negative 40%. Otherwise, investors will be fully exposed to any decline in the index beyond 40%.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying index: | Russell 2000
|
| Amount: | $1 million
|
| Maturity: | Aug. 24, 2021
|
| Coupon: | 9.5%, payable quarterly if index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if index return is greater than negative 80%; par if index finishes drops below negative 20% but not below negative 40%; otherwise, full exposure to decline
|
| Call: | Beginning in February 2017, automatically at par if index closes at or above initial level on any coupon determination date
|
| Initial level: | 1,236.769
|
| Trigger level: | 989.4152, 80% of initial level
|
| Pricing date: | Aug. 19
|
| Settlement date: | Aug. 24
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.35%
|
| Cusip: | 40054KHN9
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
