By Sarah Lizee
Olympia, Wash., May 3 – GS Finance Corp. priced $1.53 million of callable contingent coupon notes due May 5, 2021 linked to the common stock of Philip Morris International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 9.55% if Philip Morris stock closes at or above its barrier level, 75% of its initial share price, on the observation date for that quarter.
Beginning in August, the notes are callable at par on any coupon payment date.
The payout at maturity will be par unless the stock return is less than negative 25%, in which case investors will lose 1% for every 1% that the share price declines from its initial price.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Philip Morris International Inc.
|
| Amount: | $1,527,000
|
| Maturity: | May 5, 2021
|
| Coupon: | 9.55%, payable quarterly if Philip Morris stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock return is less than negative 25%, in which case 1% loss for every 1% that share price declines
|
| Call option: | Beginning in August, notes are callable at par on any coupon payment date
|
| Initial share price: | $86.56
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 1.925%
|
| Cusip: | 40056FEM3
|
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