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GS Finance plans autocallable contingent coupon notes tied to indexes
By Devika Patel
Knoxville, Tenn., Aug. 25 – GS Finance Corp. plans to price autocallable contingent coupon index-linked notes due March 17, 2025 linked to the S&P 500 index and 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 contingent monthly coupon at an annual rate of 5% if each index closes at or above 80% of its initial level on the review date for that month.
Beginning in September 2018 and ending in December 2024, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date.
The payout at maturity will be par plus the final coupon unless either index finishes below the 80% buffer level, in which case investors will lose 1% for each 1% decline of the worse performing index beyond the buffer.
Goldman Sachs & Co. is the agent. The notes (Cusip: 40054LPY4) will price on Sept. 8 and settle Sept. 13
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