Chicago, March 16 – GS Finance Corp. priced $1.2 million of callable contingent coupon notes due March 5, 2027 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at a rate of 8.7% per year if the shares close at or above the coupon trigger, 60% of the initial share price, on the valuation date for that period.
The notes are callable by the issuer at par plus any coupon due beginning in June 2020 and ending in December 2026.
If the notes are not called and the final share price is greater than or equal to the trigger buffer, 50% of the initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to losses.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,200,000
|
| Maturity: | March 5, 2027
|
| Contingent coupon: | 8.7%, per year, payable quarterly if ETF closes at or above coupon trigger on relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless ETF finishes below trigger buffer, in which case full exposure to losses
|
| Call option: | Callable by the issuer at par plus any coupon due beginning in June 2020 and ending in December 2026
|
| Initial price: | $15.37
|
| Coupon trigger level: | 60% of initial share price
|
| Trigger buffer level: | 50% of initial share price
|
| Pricing date: | March 2
|
| Settlement date: | March 5
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 2.4%
|
| Cusip: | 40056YPB4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
