By Susanna Moon
Chicago, June 7 – GS Finance Corp. priced $1.25 million of callable contingent coupon notes due May 31, 2019 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any coupon determination date after six months.
The payout at maturity will be par plus the contingent coupon unless either fund finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying funds: | SPDR S&P Biotech ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $1,251,000
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Maturity: | May 31, 2019
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Coupon: | 10.5% per year, payable quarterly if each fund closes at or above 50% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either fund finishes below 65% trigger, in which case full exposure to losses of worse performing fund
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Call option: | At par on any interest payment date from November 2017 through February 2019
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Initial levels: | $69.76 for biotech fund, $33.85 for oil fund
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Trigger levels: | 65% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.525%
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Cusip: | 40054LC36
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