By Sarah Lizee
Olympia, Wash., Dec. 31 – GS Finance Corp. priced $3.67 million of autocallable contingent coupon notes due June 30, 2021 linked to the S&P 500 index and the Russell 2000 index, 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 quarterly coupon if each index closes at or above its 70% coupon trigger level on the determination date for that period. The coupon will be at an annualized rate of 6.25%.
Starting June 2020 and ending in March 2021, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any coupon due unless either index closes below 70% of its initial level on any day during the life of the notes and the final value of one of the underlying indexes is less than its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $3.67 million
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| Maturity: | June 30, 2021
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| Contingent coupon: | Payable quarterly if each index closes at or above 70% coupon trigger level on the determination date for that period; annual coupon rate is 6.25%
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless either index closes below 70% of its initial level on any day during the life of the notes and the final value of one of the underlying indexes is less than its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level
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| Call: | Starting June 2020 and ending in March 2021, automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date
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| Initial index levels: | 1,674.141 for Russell, 3,224.01 for S&P
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 27
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.32%
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| Cusip: | 40056XU61
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