By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – GS Finance Corp. priced $2.37 million of autocallable contingent coupon notes due Sept. 28, 2022, linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 5.85% if each index closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter.
Beginning in March 2017, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date.
If each index finishes at or above its trigger level, 60% of its initial level, the payout will be par plus the contingent coupon. The payout will be par if either finishes at or above negative 40%; otherwise, investors will be fully exposed to the decline of the worse-performing index.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Dow Jones industrial average and S&P 500
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Amount: | $2,372,000
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Maturity: | Sept. 28, 2022
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Coupon: | 5.85%, payable quarterly if each index closes at or above trigger level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below trigger level, in which case full exposure to decline of worse-performing index
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Call: | Beginning in March 2017, automatically at par if both indexes close at or above initial levels on any coupon determination date
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Initial levels: | 2,163.12 for S&P and 18,293.70 for Dow
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Barrier levels: | 75% of initial levels
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Trigger levels: | 60% of initial levels
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Pricing date: | Sept. 21
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Settlement date: | Sept. 28
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Underwriter: | Goldman Sachs & Co.
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Fees: | 3.025%
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Cusip: | 40054KKE5
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