By Kiku Steinfeld
Chicago, Aug. 20 – GS Finance Corp. priced $500,000 of autocallable contingent coupon equity-linked securities due July 24, 2025 linked to the stocks of Grubhub Inc., Netease, Inc. and United Rentals, Inc., 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 18% plus any previously unpaid coupons if each stock closes at or above the barrier price, 60% of the initial price, on the determination date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any monthly call observation date.
If the notes are not called and each stock finishes at or above barrier price, 60% of its initial level, the payout at maturity will be par plus the contingent coupon and any previously unpaid coupons.
If the notes are not called and each stock finishes below 60% but at or above 50% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline in the share price of the least performing stock.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Grubhub Inc., Netease, Inc. and United Rentals, Inc.
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| Amount: | $500,000
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| Maturity: | July 24, 2025
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| Coupon: | 18% annualized rate plus any previously unpaid coupons if each stock closes at or above the barrier price, 60% of the initial price, on the determination date for that month.
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and any unpaid coupons if each stock closes at or above 60% of initial level; par if each stock finishes below 60% but at or above 50%; otherwise, full exposure to decline of least performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any monthly call observation date
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| Initial share prices: | $75.35 for Grubhub Inc., $243.78 for Netease, Inc. and $118.98 for United Rentals, Inc.
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| Coupon barrier prices: | $45.21 for Grubhub Inc., $146.268 for Netease, Inc. and $71.388 for United Rentals, Inc.; 60% of initial levels
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| Barrier prices: | 50% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.575%
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| Cusip: | 40056FU78
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