New Issue: GS Finance sells $5 million index-linked notes with reset event tied to S&P

By Sarah Lizee

Olympia, Wash., Dec. 31 – GS Finance Corp. priced $5 million of 0% index-linked notes due Dec. 26, 2023 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

A reset event will occur if, on any day during the observation period, from the trade date to and including June 21, 2021, the closing level of the index is less than 85% of the initial index level.

If a reset event has not occurred and the index return is positive, the payout will be par plus the return, capped at $1,450 per $1,000 note. If a reset event has not occurred and the index return is zero or negative but not less than negative 30%, the payout will be par. Otherwise, investors will be fully exposed to the decline.

If a reset event has occurred and the index return plus 15% is positive, the payout will be par plus the index return plus 15%, capped at $1,600 per $1,000 note. If a reset event has occurred and the index return plus 15% is zero or negative but not less than negative 15%, the payout will be par. Otherwise, investors will be fully exposed to the decline.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying index:	S&P 500 index
Amount:	$5 million
Maturity:	Dec. 26, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 2 times any index gain capped at $1,422 per $1,000 of notes; exposure to any decline
Reset event:	If reset event has not occurred and the index return is positive, par plus the return, capped at $1,450 per $1,000 note, if index falls by up to 30%, par, otherwise full exposure to decline; if reset event has occurred and index return plus 15% is positive, par plus index return plus 15%, capped at $1,600 per $1,000 note, if index return plus 15% is zero or negative but not less than negative 15%, par, otherwise full exposure to decline
Initial index level:	3,221.22
Pricing date:	Dec. 20
Settlement date:	Dec. 26
Agent:	Goldman Sachs & Co. LLC
Fees:	3.2%
Cusip:	40056XWJ1

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