By Kiku Steinfeld
Chicago, Dec. 12 – GS Finance Corp. priced $2.38 million of callable contingent coupon notes due Nov. 29, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 6% if the index’s closing level is greater than or equal to 75% of the initial level on the observation date for that quarter.
The notes are callable at par plus any coupon on any quarterly coupon payment date beginning in May 2020 and ending in August 2029.
The payout at maturity will be par plus the coupon if the index’s closing level is greater than or equal to 75%. If the index’s closing level is greater than or equal to 40% but less than 75%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the index declines from the initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
|
| Underlying index: | S&P 500
|
| Amount: | $2,375,000
|
| Maturity: | Nov. 29, 2029
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| Coupon: | 6%, payable quarterly if index’s closing level is greater than or equal to 70% of initial level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if the index’s closing level is greater than or equal to 75%; if closing level is greater than or equal to 40% but less than 75%, par; otherwise, 1% loss for every 1% decline of index
|
| Call option: | At par plus any coupon on any quarterly coupon payment date beginning in May 2020 and ending in August 2029
|
| Initial level: | 3,133.64
|
| Pricing date: | Nov. 25
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| Settlement date: | Nov. 29
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 4.23%
|
| Cusip: | 40056XNX0
|
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