By Susanna Moon
Chicago, May 29 – GS Finance Corp. priced $2.25 million of callable CMS spread and index-linked range accrual notes due May 23, 2033 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 6.25% for the first two years. After that, it will accrue at an annual rate of 6.25% for each day that the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate is at least zero and the index closes at or above the 60% coupon barrier. Interest will be payable quarterly and cannot be less than zero.
The notes will be callable on any interest payment date after two years.
The payout at maturity will be par.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable CMS spread and index-linked range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $2.25 million
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| Maturity: | May 23, 2033
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| Coupon: | 6.25% initially; beginning in August 2020, 6.25% annualized for each day that spread of 30-year CMS rate over the two-year CMS rate is at least 0% and index closes at or above 75% coupon barrier, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning May 23, 2020
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| Initial level: | 2,712.97
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| Coupon barrier: | 2,034.7275, 75% of initial level
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| Pricing date: | May 18
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| Settlement date: | May 23
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| Agent: | Goldman Sachs & Co.
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| Fees: | 3.55%
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| Cusip: | 40055AZN0
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